GS, Goldman Sachs

GS sept 23 2011 gs sept 23 2011 s

Goldman Sachs has more fingers in more pies than any other financial institution. Half the worlds central bankers, IMF-ers etc . hail from or are at least on the rolodex. This company has perfected the art of gathering and using, without scruple ,any inside information they can get their hands on. All perfectly above board , of course.  No wonder they become the focal point of resentment etc. etc.

The stock has been hammered as a result. Do not be surprised if these guys go private once again and most certainly they will rid themselves of the constraining bank status, as soon as that is politically acceptable, probable now. In any case this one is down from the first peak of $190 and has traded with a $92 handle. That is down a clean $100., and , more appropriately in terms about 58% from the second top at $175. That should be enough to make people take notice. The wave count is, arguable, a clean 5 down with an extended third wave. By all reasonable accounts this stock should be a buy. The chart looks a lot like Manulife, but this is a different animal entirely! Use a stop, at say $90.

See also our earlier, very profitable , recommendations for this stock.