First and foremost, great decision not to strangle / straddle GS. Let's see how GS holds up around the 144.00USD level. This is a classic run-up on expectations and sell-on-the-news stock - the markets were "strong" yesterday; however, in low volume and we tech guys know the up market and low volume recipe already. So profit taking is eminent today - at least, in the early part of the day.
The below graph shows that GS has major resistance at the 150.00USD level and the next strong support is around the 125.00. Today may just be a very volatile day without any real direction - be careful! Let's trade GS today exactly how we said we would trade it (based on intraday tech signals and no emotional attachment).
http://investertech.com/tkchart/tkchart.asp?stkname=GS&wt=1&ind=nn
Good luck to all!
Tuesday, July 14, 2009
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