Thursday, December 3, 2009

Goldman Sachs as Bellwether Stock

Makes sense to me.

This market has been led by Goldman Sachs as a result of Fed and Treasury infusions into every orifice in Goldman's organization structure. Once the impact of that is over, it's down hill from there.

Here's Patty Edwards' technical analysis along the same lines, as reported by CNBc:
I’m keeping an eye on bank stocks I have not been a big fan of financials, says Patty Edwards of Storehouse. Specifically, I’m watching Goldman Sachs which is the canary in the coal mine. And it looks like it’s breaking support. I would not step in.
CNBC also quotes Guy Adami:
It was the catalyst on the way up and Goldman could be the catalyst on the way down.

Interesting, just before I read this CNBC report, I was discussing Goldman with a London- based money manager and told him it looked like a great short.

No comments:

Post a Comment