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July 14, 2009 / Jeb

Goldman Sachs (GS) Update, Insiders Selling, Media Outlets Pumping

GS

Goldman Sachs has had every major media network describing what great earnings they had this quarter from two analysts recommendations.  Meanwhile insiders are selling.  Today they came out with “incredible” earnings and it didn’t do much at all.

I’m concerned by the chart and the amount of toxic derivatives they hold.

GS is coming up to a key resistance point.  They have had a run from 50 to 150 without any pullbacks.  The run up has been on low volume and with negative divergence from both the MACD and RSI.  GS is almost 40% above the 200 day moving average.  There is a high probability of GS correcting.

I have a stop loss at 152.

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