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While my near and intermediate term work argue for still lower prices in Goldman Sachs (NYSE: GS) into the 146-144 area next, the public anger and political bashing of the company coupled with increasingly powerful oversold momentum readings suggest that a tradable low is approaching fast. This means that should GS reverse to the upside from around 145, I would not be surprised to see a richochet rally to 155-160, prior to a resumption of medium term weakness that projects towards 144-140. As of this moment, I have no desire to "cath a falling knife," but I am on the lookout for a reversal and trading opportunity in the upcoming hours. MJP 1/27/10 Noon ET (149.91
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
