Take on technicals and fundamentals of the Goldman Sachs Miss
How could Goldman Sachs, whose top former people are running the Economic Plan in Washington, hit a snag in trading profits in the first quarter? Maybe they were trading their own ideas. Maybe it backs up my contention back in January, Goldman Sachs people are better at feeding off others, than building a plan for others in this country.
Technically the Goldman chart can be interpreted as either a double top or a head and shoulders top, either not good. In the head and shoulders version the head was essentially made between midFeb and mid Mar. In the double top version the first top was made in mid Dec to mid Jan and the second top was made in mid Feb to mid Mar.
In any case a close below 220 today will show the start of a confirmed macro breakdown out of the formations.
Technically the Goldman chart can be interpreted as either a double top or a head and shoulders top, either not good. In the head and shoulders version the head was essentially made between midFeb and mid Mar. In the double top version the first top was made in mid Dec to mid Jan and the second top was made in mid Feb to mid Mar.
In any case a close below 220 today will show the start of a confirmed macro breakdown out of the formations.