Goldman Sachs fooling around $110
No, I haven’t unloaded my GS short yet. I said I would unload it if GS manage to stay above $110. But it closed at $110.60 yesterday. I can live with a $0.60 difference.
I watched GS for most of the day yesterday. It’s action above $110 seem a bit lackluster. Looking at the chart, particularly the daily, you can see the sword-like candlestick from yesterday. There’s probably a name for it, but I don’t remember. Add to that, S&P500 just tested 820 resistance yesterday.
GS’s move above $110 is certainly interesting. The correct play would be for it to break below $110 and then observe the pullback, then if it’s weak, that would have been the right time to pound on the short selling button. Or we could just buy a strangle at this point…
Since I entered pre-maturely on Monday, I’m going to wait this out because the risk/reward ratio is still very high. At least now I know $115 would be my stop and my potential loss.
Goldman Sachs
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