Late Night Strategy for Thursday

Goldman Sachs has a pretty textbook bearish setup on the daily chart, below. Note the bearish engulfing candle at the 50-day moving average on Wednesday after a weak buy volume bounce over the past week.

If we are on the cusp of seeing the next leg down in a more standard correction, in lieu of the QE-era rallies to new highs off shallow dips, then I suspect Goldman will prove to be a quality short into the end of this week.

I like it as a short on any further weakness, which would likely pressure the financials as a whole.

Drop me your top tickers overnight.

____________________________________________________________