Comments on: XLF Descending Triangle

By: newbie

newbie — Wed, 31 Dec 2008 04:28:53 +0000

FWIW, color me skeptical:
GS was up on less than half of the avg volume (3 month). The big volume did not kick in until the last 45 minutes. The price was up another .6% AH.
I smell wet green paint.

GS business model, as I have read it, is broken. The stock is down 66%, but I am not sure they can make 33% of the money they made before. — Never mind the multiple compression in this environment.
(I’m long SKF)

By: Bob

Bob — Wed, 31 Dec 2008 04:05:37 +0000

I was really surprised by the rally in GS today. Does anyone believe the results that they announce or even know what business they are in ? It feels overvalued at these levels. Does anyone have any opinion on GS ?

By: Charlie

Charlie — Wed, 31 Dec 2008 02:59:34 +0000

Thanks for the chart Matt! I hope that we can return to normalcy soon with the markets tanking hard. I am also getting pissed off like Dressguard on these end of day meltdowns of SRS. I’ll probably be gradually adding shorts as we approach 920 (if we get that high).

Also, for those thinking of shorting financials, I wouldn’t discount the abilities of the likes of GS to make money during rough times. GS rallied hard today and the market followed.

Thanks for the tip Newbie.. I am starting to be a heavy mobile user so that will come in handy for me. I think Marketwatch provides also real-time quotes for mobile users too.

By: newbie

newbie — Wed, 31 Dec 2008 02:30:16 +0000

@ mobile users. CNBC MOBILE has added charts & AH quotes. It already had free real time stock quotes and delayed futures quotes.

By: newbie

newbie — Wed, 31 Dec 2008 02:24:39 +0000

It looks like XLF has a little more upside to hit the top of the triangle. That should get me in some more SKF!

By: Dressguard

Dressguard — Wed, 31 Dec 2008 01:25:03 +0000

Great chart!!! Hope your prediction will come true starting tomorrow. These end of day rallies are begining to piss me off.