Although bellwether Goldman wouldn’t allow itself to be dragged lower yesterday, its rallies weren’t very convincing either. The action left me somewhat bearish on the market as a whole, but I would leap into the bullish camp if GS can muster a print today at 182.93.
COMMENTARY for Wednesday
TODAY'S ACTION for Wednesday
Rick's Picks for Wednesday
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Rick’s Picks is a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Rick Ackerman is the editor of Rick’s Picks and a partner in 
Is Mood Shifting Back to Crisis?
by Rick Ackerman on October 28, 2009 12:38 am GMT · 15 comments
We’ve grown so used to forecasting with blandly mechanical detachment that it can be jolting when our instincts struggle to take over, as they did when Goldman Sachs shares dove without warning on October 15. Considering the firm’s stock chart by-the-numbers, we expected higher prices. Had the charts failed to warn us of an important top? To be sure, our strong preference for technical analysis over fundamentals comes from having gotten ambushed too many times when we followed fact and logic into a dark alley. Still, when Goldman gapped $5 lower on the opening that day, we sensed that something had changed. Since then, our unease has only grown. The bank stocks have continued to fall, although » Read the full article