It does not get more American, these days at least, than the stock of Goldman Sachs.
Sarcasm aside, I would be keying off Goldman this morning to see if the pennant (light blue lines) breakout attempt on the daily chart can hold to the upside, as well as the 50-day moving average (dark blue line) to the downside.
Below there, and due to the still-damaged charts of many financials, I would consider shorting.
In the meantime, I am looking for new setups.
What are you trading this morning?
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Chess, I’m building a position in GM to the long side. I live near Detroit, and hear many auto-reports on the local news. Looks like GM has a good upcoming product line, and its high-profile litigation woes may now be fully priced in…