Monday, May 19, 2008

Ultrashort Financials and Goldman Sachs....get ready, get set.

This chart does not look good for the bulls on Goldman. I have tagged 185.25 as the level to watch, but I would understand waiting for say 185 or lower given the head fake whipsaws this market like to dole out on a frequent basis. That being said I have my finger on the trigger to get shorter this icon of American finance on a break of 185.25

The ultrashort financials look constructive down here as complacency with the financials has lulled many into a comfortable slumber. I am getting long 1 unit thru 102 .10 as the bull flag breaks out. I will add to the trade as it moves above the flag pole which is the 105.25 area.

Other items of noteworthy interest. Sill watching and waiting on the following for entries. Deutsche Bank short (ticker DB) thru $116.40, Darden (ticker DRI) thru $35.55, and the Swiss Franc (ticker FXF) thru $ 96.10

Good speculating to you all !

Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Allis-Chalmers ticker ALY @ $14.45 stop at $16.64
Short 2 units Daimler AG ticker DAI @ $86.20 stops at $82.48/$81.38
Short 1 unit Brinker Int'al ticker EAT @ $21.25 stop at $24.14
Short 3 units Retail Holders ticker RTH @ $96.72 stop at $98.56
Short 1 unit Goldman Sachs ticker GS @ $197.95 stop at $197.68
Short 1 unit Darden ticker DRI @ $37.30 stop at $40.27
Short 2 units Lehman ticker LEH @ $43.70 stop at $47.46
Short 1 unit Deutsche Bank ticker DB @ $117.80 stop at $120.18

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