Sunday, August 14, 2011

Trade Update: GS

We entered half a position of Goldman Sachs long on hopes that it would break $120 a share and be propelled upward, back above the 100 day moving average. We got the break above $120, but the shares then promptly fell stopping us out at $117.49. You can see the action in the 15 min. chart above. I still believe that Goldman Sachs is a buy of $120 a share. But for now everything else is guesswork as we are out of the market with a $100 loss.

Buy 1/2 GS at $119.49
Sell 1/2 GS at $117.49

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