Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

New Upleg for Goldman Sachs


Goldman Sachs (NYSE: GS) once again is pushing 150, and it looks like today's thrust started a new upleg in the aftermath of a month-long pullback from 151.17 to 135.23. If GS has started a new upleg, then tomorrow's earnings could well be a catalyst for upside continuation that commenced today with Meridith Whitney's upgrade ahead of the opening bell. A hurdle of the prior high of 151.17 will trigger a next optimal target of 155-157. On the otherhand, GS has climbed from a Nov. 21 low of 47.41 to a June high of 157.17-- a triple in price-- as we approach tomorrow's earnings report. If you were a fund manager with profits in GS, would you stay long into tomorrow, or take profits just in case a "sell-the-news" scenario unfolds? Tricky call, indeed. My own sense is that after last year's debacle, risk aversion and profit- taking would be much more important to me than they might have been previously... which argues for a bout of profit-taking in GS ahead of today's closing bell. Let's see what happens. MJP 7/13/09 1:50 PM ET (149.60)

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!