Goldman Hammered On Downgrade But Sees Some Light

Goldman Sachs Group, Inc. (NYSE:GS) is taking a beating today on the back of an analyst downgrade. Richard X. Bove of Rochdale Securities cut his price target and moved the stock to a sell rating. This was all on the back of worries the Justice Department will come down hard on Goldman Sachs any day now. Investors are running for cover as the stock is trading at $140.74, -7.14 (-4.83%). While things look extremely grim, Goldman is approaching some mega support levels. The first support happens to reside at a key gap fill from September 2nd, 2010. This level is at $139.50. The second level of support is at $136.00 and is a key double bottom from August 31st, 2010. Both these levels serve to be solid swing trading pivot points. Swing trading level is an art form using technical analysis and support, resistance points. A swing trade can last from one day to a week or two.

Other financial stocks are also taking a hit today in sympathy. With the market around the flat line, JPMorgan Chase & Co. (NYSE:JPM) is trading at $43.72, -0.51 (-1.15%) while Bank of America Corporation (NYSE:BAC) is trading at $12.17, -0.08 (-0.65%)

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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