Trading Opportunities in GS
Mid-Day Minute for Wed January 27th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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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
