Friday, March 5, 2010

"Goldman Sachs Has A Strong Day" (GS)

From Wednesday's "13F: Soros Dumps Solar and Potash, Buys Oil (and a bunch of other stuff) (GS; MON; POT; SOL)":
...Of note: He sold his Goldman Sachs puts....
From Bespoke Investment Group:

Like it or not, Goldman Sachs (GS) is one of those stocks (like Apple, Google, GE) that is representative of the entire market. The stock has been in a downtrend since last October, and during this time, the market has essentially gone sideways. The stock had a very good day today, however, rising $5.89 to close at $163.61. The stock also did something today that doesn't happen very often. At the start of the day, Goldman was trading below both its 50-day and 200-day moving averages. At the close, it was trading above both moving averages. This is a positive from a technical standpoint, but Goldman still has some work to do in order to break above its six-month downtrend channel. Another day like today, and that will happen as well.