Friday, November 4, 2011

Trade Update: GS

We entered long into Goldman Sachs GS at $106.57 with a stop at $104.75. There is nothing magical about that number, I simply didn't want to risk more than a $150 loss on this trade.

Trading for the day was volatile, the shares gapped up to $108.71 and then instantly crashed all the way down to $102.09. From there the shares recovered to close at $107.68 nominating for $102 temporary support. I think the longer term trend line is defined by the 52-week low at $84.27 and today’s low of $102.09 cents. As long as Goldman stacks stays above that line it will be going in the right direction for our trade.

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