Goldman Sachs, is it up or is it down?
After much waiting, Goldman Sachs (GS) is still not giving up the $110 level. I entered my short on Monday when GS was about $106.50. Having regretted it that very day as GS launched vertical upward near the close to above $110. Then yesterday, GS threw a fit and made wild swings up and down, only to close near its open. Today, GS retraced more but managed to crawl its way out of a hole back to $112.95. Just above the support of $110, again.
After a historic 7% a day rally on Monday, this shallow pullback of both GS and the broad market is a textbook bullish signal staring me in the face. I can’t help but feel we’re going to explode upward soon. This could very well be THE full-blown, back-up-the-cash-truck bear rally I’ve been expecting all year. And yet, I’m net short in my portfolio …
I honestly wanted to get out of this short today and go long. As I was saying in the last update, I’ve marked my mental stop at $115, its recent peak. But we never saw that price again. So even though emotionally I want out, I don’t have a logical reason to ditch and switch yet. So, the waiting game continues.
Goldman Sachs
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