Nearest Resistance: $125
Nearest Support: $117.50Catalyst: Employee Op-Ed Even staid Goldman Sachs (GS) is getting plenty of unwanted search attention today, the result of a New York Times op-ed piece by Greg Smith, until yesterday an executive director at the firm's London offices. The article is scathing, arguing that the firm's culture has shifted from a focus on making money for clients to one of making money off of clients. Not surprisingly, that unwanted attention also fuelled selling in yesterday's session. The timing is significant for the Goldman article. That's because shares of GS broke out above resistance at $122.50 on Tuesday, buoyed by the biggest rally of the year for the S&P 500 -- yesterday's selling nixed the buy signal that came from that breakout. At this point, shares are consolidating as investors figure out their next moves. While the op-ed isn't likely to make a material impact on Goldman's business, traders are obviously paying attention to it; so you should too. I also featured Golman, one of Third Point's holdings, in "5 Big stocks to Trade for March Gains." Follow @stockpickr
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV