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Rant & Rave Blog

As We Come To Goldman Sachs Earnings, The Chart May Be Showing A Major Pullback On The Horizon

Posted by InTheMoneyStocks.com Saturday, April 11, 2009, 08:00PM ET

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As We Come To Goldman Sachs Earnings, The Chart May Be Showing A Major Pullback On The Horizon
Thursday's monster Wells Fargo financial rally was something I will remember for years to come.  The markets up huge off their lows in the previous 3-4 weeks, financials already up 100% or more and everyone thought the day prior to the holiday would be light and uneventful.  That was a mistake.  Thursday morning, Wells Fargo reported that they will blow out earnings estimates by upwards of 100%.  This sent the markets screaming higher and stocks like WFC, GS, JPM and the rest of the sector up 20-30%.  I would however caution the public about thinking these financial stocks can continue higher over the next few weeks.  First, let's remember that very recently the mark to market account rules were changed.  Does this actually surprise anyone? Now these financial companies do not have to report the true value of these losses...marking them to market.  Of course their numbers will be up huge!  In addition, TARP money has been given to almost every financial institution out there with almost no interest rate.  These companies can then lend out this money at a much higher rate for huge profits.  While we here at InTheMoneyStocks.com do not focus on the news and fundamentals, it is worth noting as I have done above.  

The real reason for this article is to focus on the charts, specifically Goldman Sachs.  Goldman Sachs (GS), along with many other financial stocks are showing some strangely familiar signals.  These are the same signals InTheMoneyStocks.com used to predict the massive downfall almost two years ago.  Note below the negative divergences on the RSI, MACD and Stochastics.  While price has continued to rally on the Goldman Sachs chart, all three of these indicators have either stayed flat or declined.  This is very worrisome and should be monitored.  In addition, the weekly Goldman Sachs chart has hit the 50 moving average.  This also is worrisome and makes me think we could be due for a solid pullback in the next 2-4 weeks.

Goldman Sachs reports earnings next week. In addition, this is options expiration week.  It tends to be a crazy wild week where anything is possible.  Having said that, the charts are showing a pullback coming which could start later this week or next week.
 

Daily Chart


Weekly Chart

 

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