For Goldman Sachs's the second quarter 2009 earnings report it looks like the market bought the rumor yesterday and held the news today. In the daily chart above you can see the solid ceiling provided by the $150 level. The stochastics are moving up and separating so it could peek up through this mark.
Now take a look at the five-day chart in the 15 minute time frame. You can see how they gapped it up yesterday morning and tried to do the same today, but the best they could do is hold it.
The $150 level looks stubborn, but as you know resistance once broken becomes a support and Goldman Sachs could start a new run from right here. Will it? There's no way to tell but any decent break of $150 should be bought with a stop right there.
I don't like to pay too much attention to the fundamentals, but one of the most telling sell signals in the world is when analysts come out with buy ratings on the stock after a huge move up and Goldman Sachs is up over $100 since its 52-week low of $47.41 last November. That is exactly what Meredith Whitney has done with Goldman Sachs. I have seen her do this before when she was at Oppenheimer. She comes out and tells you some truth about something that you already knew like Citibank is in trouble and acts like your friend, but once you trust her, she'll sell you out, the charts won't.
We will have to see about Meredith and Goldman Sachs in the morning.
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