by Sam Collins 09/17/08
The Goldman Sachs Group (GS) -- This provider of investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals has been in an uninterrupted bull market since 2003 and tripled since then.
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But the premier investment banker has fallen from above $244 to under $135, especially during the last six days with dramatic heavy selling.
Either we are witnessing a selling climax or the beginnings of a new downward leg in a bear market. Only time will tell.
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Day after day, we've been besieged with how bad the economy really is and, yet, stocks keep plodding their way higher. Will it continue?
Let's not get caught up in bullish fever unless Dow 9,600 and S&P 1,010 are broken with gusto.
CAT has broken through the neckline of a major 'W' bottom and emerged with a new trading target.
The market may have enough strength to challenge huge resistance lines on the DJI and the SPX but not enough to change the intermediate trend from down to up.
Will Santa Stop at Wall Street?
Not likely. The stochastic of the major indices has issued a double sell signal, which could indicate a serious attack on the market's lows is about to occur.
