Goldman Sachs Earnings Beat, Sun Mircosystems, Retail Sales

July 14th, 2009

The good and the bad seems to be the theme today. Looks like Goldman Sachs came out with some pretty strong numbers – as they usually do. Again, they made a significant about of money from “TRADING REVENUE” which just goes to show you that these big banks also day trade stocks, options, futures, forex etc. I’m told you all before that they are doing the same thing we are each day.

 

Sun Microsystems, the owner of JAVA, said this morning that they are expecting a 4Q loss of nearly 16 cents per share – not good news for the NASDAQ and tech sector in the least. But, we still have to see what other big tech companies come out first. And finally, retail data come out showing that there way a slight up-tick in sales from summer sales – nothing big though.

 

With regards to the markets, I had mentioned yesterday that after breaking the 880 and 890 levels on the S&P, we were headed up to 905. We closed just 4 point shy of my targets, so not bad at all for technical trading I think. 905 is still a likely target (BLUE) for today’s impending rally. It seems to be a pretty hard line in the sand, so a break would need to stay below 915 at the most to keep the downtrend in place.

 

spx15

 

Since we are all talking about GS, here is their chart since 2007. I may be the only person out there saying this today, but GS is actually looking like it’s hit a major resistance level at $150. Notice all the times that $150 has been either support or resistance (BLUE OVALS). Just saying…

 

gs

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