GS – Goldman Sachs (Last:137.51)

Goldman Sachs (GS) Hidden Pivot Price Chart with TargetsWe’ve been using a downside target of 135.35, but I am now recommending bottom-fishing if and when Goldman falls to another Hidden Pivot at 137.69.  I’ll update with more detailed instructions following a print within $1 of that target, so check back if you’re interested.  The target would be hit, ideally, following a slow grind lower, but if it comes in conjunction with a stock market avalanche, you should back away. _______ UPDATE (2:40 p.m. EDT):  The stock has traded down to 137.55 so far.  For your guidance I will establish a tracking position of 400 shares.  A 137.44 stop-loss is advised for now, and you should take profits on half if GS trades up to 138.69. _______ FURTHER UPDATE: The stock finally bottomed at 136.60, stopping us out for a $100 trading loss — but also warning that, despite the  nearly $2 bounce from the lows, sellers are not yet done with Goldman for the moment.