Comments on: Goldman Sachs (GS) comes back for a kiss

By: Andrew

Andrew — Thu, 11 Mar 2010 04:10:45 +0000

draw the blue line from where GS was at 120.
The H&S still breaks down at the same point.
Much lower price target in the low 100′s.

By: Richard (FRBN)

Richard (FRBN) — Wed, 10 Mar 2010 07:33:45 +0000

——— MY EARLY POST ———- the hs pattern is in tact so long as prices stay below the $172.50 level and today at $170 you get your reversal candle. get short now and place a stop above at $173.00 …….. disclosure: i never will trade GS

By: Jeff Graubart

Jeff Graubart — Sun, 07 Mar 2010 21:45:34 +0000

I lost a comfortable retirement because of this site. Yes I hedged. Yes I used stops. I was never 100% bullish or bearish. A good trader can be wrong 60% of the time, but Stocktock advice has been wrong 90% of the time and nobody can win with those odds. Kiss of death = kiss my a**. I have followed Stocktock for over a year. All my “play” money is gone and so am I.

By: sc

sc — Fri, 05 Mar 2010 22:17:31 +0000

couldn’t agree more Valerie…. “we don’t trust opinions, we trust the charts”. very ironic that stocktock.com posters don’t heed their own advice.

the charts are saying (and have been saying since march 6, 2009) that we are in an uptrend. so if go short, then you are counter-trend trading. you are taking higher risk. so manage risk by keeping position sizes *smaller and quicker* than normal. do day trades or swing trades only against the trend. and use tighter stops. and never scale-down into your counter-trend position.

btw, resistance levels are only *potential* pivot points. when the trend is up, then potential resistance levels are less likely to hold, because the path of *least* reisistance is still higher.

the kiss of death on GS is a good example of this. the setup looked great. nothing wrong with taking craig’s trade, as long as you realize it’s a higher-than-normal risk trade, because it’s counter-trend (in the context of an overall medium-term market uptrend). it’s also a reminder that the most reliable pattern is the failed pattern (e.g.,failed h/s).

maybe stocktock.com should change its motto to “we don’t trust that the trend is your friend, we trust opinons”.

By: Valerie

Valerie — Fri, 05 Mar 2010 17:22:57 +0000

oops- needed a spell check – but you get the message.

By: Valerie

Valerie — Fri, 05 Mar 2010 17:22:27 +0000

wrong again. My fav contrarian indicator. Newbies- don’t liten to this guy! I watched many lose their shirt listening to him predict glom and doom while the market clmbed and climbed last year. Me? I didn’t lose becasue of him but I did miss 2/3 of the rally before I realized he can’t see what is happenng becasue of his exteme downward bias.

By: Richard (FRBN)

Richard (FRBN) — Fri, 05 Mar 2010 04:40:50 +0000

think IDAN got short FORD today. i bought APR 13 PUTS for $0.75

interesting bit about the gains FORD has made. considering thier lack lustre balance sheet this may just play out. would be nice. story came after hours:

http://www.cnbc.com/id/35713692
can a story like this get shareholders to anticipate a sell-off and then create one
well before this date. run for the exits !! will see in the next few days i guess.

By: Richard (FRBN)

Richard (FRBN) — Fri, 05 Mar 2010 04:32:58 +0000

not unusual for a retracement of the head up to 32% ……….. would be $9 higher.

another way to look at GS ….. daily chart 80SMA. this is where prices were arrested. the RSI is above 60 and id expect the retracement on this pattern to occur and set many shorts over the edge thinking the pattern failed. price should be contained under $172.50 for the probability of pattern completion in your favour.

what is your price target?
check out http://www.muathe.com if you have not seen his GS CALL , self-sacrifice to $70 i think.

GOOD LUCK TRADING!