Bought GS

I bought a baby position in GS under $160.

8 comments:

Onlooker said...

Me too.

Stopped out of some other positions and sold puts I had. Watching

PJ said...

Don't know about this one. $160 is still rich for GS. The Paulson fraud was $1 billion of revenue for them, but they probably made many billions from other similar frauds, and the lawsuits are going to start soon. Meanwhile their proprietary trading profits from front-running the Fed are winding down in a big way. They have a huge risky asset exposure. If the economy turns down again, which I think is likely, they could have a long run of losses.

Tsachy Mishal said...

its just a trade. will likely be out by end of day.

Anonymous said...

Tsachy, what happens Monday? We gap higher?

Tsachy Mishal said...

I don't know about Monday. I was thinking Monday would be weak but we might have seen that weakness today. I am staying net short because I think we are seeing an intermediate term top. I did a fair amount of covering and put selling today. I will be happy if we go higher because I will get a chance to reload. I will also be happy if we go lower because I'm net short.

Onlooker said...

The very large (but now droppping) down:up volume is generally indicative of a shakeout and a significant bottom of some sort.

That's just one reason to think we'll bounce some from here but we may not be done with the larger correction.

Onlooker said...

I'm out of the GS trade. It's not bouncing hard and may have another leg down. Not gonna risk it here as I don't want to own it longer term.

Anonymous said...

I'm calling the close...IMO we close down over 200pts.

Also, rumors and speculation are running rampid in the GS camp. Who knew and who didn't!! We shall find out.

I would expect legal charges sometime soon.