Trading Opportunities in GS

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

  • 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!