Comments on: Triangle Break in Goldman Sachs http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/ Helping traders overcome fears and emotions in trading Thu, 09 Feb 2012 14:53:15 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Corey Rosenbloom http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/comment-page-1/#comment-5077 Corey Rosenbloom Fri, 14 Dec 2007 01:46:58 +0000 http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/#comment-5077 Hey Jacksoo, Thank you for reading! Indeed, sometimes it takes fundamental or news related reasons to cause radical departures or imbalances in the supply/demand equation. If GS reports billions and billions in losses in part due to the sub-prime lending, then their shares will be suddenly less in demand, resulting in 'technical' (charting) breaks from consolidation. If classic TA is at work here, then the projection will be from the highest point in the consolidation, which actually is closer to $45 to $50. The weekly chart is showing support at the same level where the daily is showing a potential breakdown. This is one of those "it could go either way" scenarios that no one loves. If it's truly a break, then there will be more than one entry to play in the direction of the break. It shouldn't happen all at once. Hey Jacksoo,

Thank you for reading! Indeed, sometimes it takes fundamental or news related reasons to cause radical departures or imbalances in the supply/demand equation. If GS reports billions and billions in losses in part due to the sub-prime lending, then their shares will be suddenly less in demand, resulting in ‘technical’ (charting) breaks from consolidation.

If classic TA is at work here, then the projection will be from the highest point in the consolidation, which actually is closer to $45 to $50.

The weekly chart is showing support at the same level where the daily is showing a potential breakdown. This is one of those “it could go either way” scenarios that no one loves.

If it’s truly a break, then there will be more than one entry to play in the direction of the break. It shouldn’t happen all at once.

]]> By: jacksoo http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/comment-page-1/#comment-5073 jacksoo Fri, 14 Dec 2007 00:44:49 +0000 http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/#comment-5073 Ho Corey, Haven't posted for a while but still follow your comments closely. I've been trading GS over the last few days (puts) following the Sym Tri - target of closing below $211 to confirm break. HOWEVER - I sold out my puts mid session because they've results on Monday and frankly I'm nervous of holding going into the weekend - I've seen too many huge swings (if I wasn't so paranoid I'd say manipulated ;) ) and would hate to be hit with a huge gap up pre open Monday that turns $+ into big $-. Thinking that I'll play the move agin after the news. If Sym Tri is truely broken downside could be around $35-$55 ??? All the best. Ho Corey,
Haven’t posted for a while but still follow your comments closely. I’ve been trading GS over the last few days (puts) following the Sym Tri – target of closing below $211 to confirm break. HOWEVER – I sold out my puts mid session because they’ve results on Monday and frankly I’m nervous of holding going into the weekend – I’ve seen too many huge swings (if I wasn’t so paranoid I’d say manipulated ;) ) and would hate to be hit with a huge gap up pre open Monday that turns $+ into big $-. Thinking that I’ll play the move agin after the news. If Sym Tri is truely broken downside could be around $35-$55 ??? All the best.

]]> By: MarketBeat Blog - WSJ.com : Blog Roll -- Volatility and Financials http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/comment-page-1/#comment-5038 MarketBeat Blog - WSJ.com : Blog Roll -- Volatility and Financials Thu, 13 Dec 2007 20:31:47 +0000 http://blog.afraidtotrade.com/triangle-break-in-goldman-sachs/#comment-5038 [...] Meanwhile, on the Afraid to Trade blog, Corey Rosenbloom notes that shares of Goldman Sachs have breached certain key levels, which are too involved to explain here, but he says momentum will rule the next move. “It appears the move could be to the downside, which would have negative implications for the broader market, especially if financial stocks tend to lead the market,” he writes. [...] [...] Meanwhile, on the Afraid to Trade blog, Corey Rosenbloom notes that shares of Goldman Sachs have breached certain key levels, which are too involved to explain here, but he says momentum will rule the next move. “It appears the move could be to the downside, which would have negative implications for the broader market, especially if financial stocks tend to lead the market,” he writes. [...]

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