GS – Goldman Sachs (Last:153.04)

Goldman did not get clobbered yesterday by the selling that brought the broad averages down. Instead, it bottomed just 85 cents below a key Hidden Pivot support at 151.00 that I’d identified earlier. It will of course take more than that to turn the stock market around, but we shouldn’t dismiss the psychological importance of this stock’s resisting the bearish tide — especially when the company itself was getting clobbered by an inquisition on Capitol Hill as stocks were dropping.  Some subscribers evidently made hay with the forecast, although it took guts to ignore what was going on elsewhere in the market.  Looking just ahead, the stock will need to hit 157.96 to further distance itself from jeopardy. The trend was down at the close, and GS appeared to be holding on by a thread.