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Rant & Rave Blog

The Markets Squeeze Higher Into Close Headed By Financials Like WFC, GS, JPM

Posted by InTheMoneyStocks.com Wednesday, April 08, 2009, 08:00PM ET

Read 397 times

The Markets Squeeze Higher Into Close Headed By Financials Like WFC, GS, JPMThe markets soared pre market as WFC announced they would blow earnings estimates out by 100%+.  The markets gapped higher.  Following the gap higher, the markets started to sell off as WFC saw a decline from its gap highs.  However, Goldman Sachs (GS) only sold off slightly and traded in a sideways pattern alerting us to be extremely cautious on the short side.  Sure enough, GS started to squeeze around 2pm ET and never stopped.  Goldman Sachs launched itself higher, picking up all financials including WFC along the way to create one of the biggest financial squeezes we have seen in recent years.  Note the chart below of Goldman Sachs (GS).  See how the middle of the day when the markets were coming in, GS stayed  in a sideways pattern and then started to rip up.  The move on GS was amazing as all financials followed.  Next week is the crazy week of options expiration and should be viewed with caution.  Have a wonderful holiday weekend.


RealTick graphics used with permission of Townsend Analytics, Ltd. ©1986-2009 Townsend Analytics, Ltd. All Rights Reserved. RealTick is a registered trademark of Townsend Analytics, Ltd.

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