Despite Goldman Sachs (GS) beating on earnings per share and revenue estimates for the fiscal fourth-quarter, not many investors had good things to say about the stock.
In fact, shares went lower in the two days following its earnings results. It made you think that Goldman Sachs "reported a hideous, horrible quarter where everything was bad and there was nothing good," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.
There was a miserable tone about Goldman following its results and its CFO Martin Chavez took a lot of heat.
Well that miniature selloff ending up being a buying opportunity, because "it was a good quarter," Cramer reasoned. "No one could believe how good the quarter was given how weak volatility was." Lower volatility hurts trading revenue at big banks.
Just look at shares now, making new all-time highs on Wednesday. Goldman Sachs stock is about 5% over the past five trading sessions overall.
The window for insider selling is now closed and that dip proved to be an excellent buying opportunity, explained Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
Goldman Sachs looks good right now, too, especially as financials continue to move higher. Cramer also pointed out that Action Alerts Plus holding JPMorgan Chase & Co (JPM) , which is up almost 8% this year, also hit new all-time highs on Wednesday.
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