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Home Our Perspective Goldman's Technical Update: Bearish, With An "Ultimate H&S Target Of 900" ZH
Goldman's Technical Update: Bearish, With An "Ultimate H&S Target Of 900" ZH PDF Print E-mail
Written by Steve Meyers   
Friday, 27 August 2010 15:51

In this week's update on technical chart formations, Goldman's John Noyce has nothing optimistic to tell clients. Noyce observes that while the market may have entered a short-term consolidation period with the 1,038-1,045, "looking further out the setup on the weekly charts of the S&P and the VIX, plus those for broader asset markets - fixed income in particular – make us think that a sustained bounce is unlikely and that broader risks remain on the downside." Yet the most interesting chart formation is the imminent flattening of the 2s30s... not here, but in the UK. Will the Julian Robertson "suicide" trade shift across the Atlantic?

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Ron Rebner |2010-08-27 16:32:19
Steve. A big up day like today can be unsettling for some people who are short. Correct me if I am wrong but, you have old us before that during a bear market, we can expect to get some big up days, sometimes even breathtaking. Please comment to calm some nerves. Thanks.
SteveM |2010-08-27 16:58:09
I had mentioned the 1065 area yesterday and this a.m. because of the gap that was left. This was an obvious target if we could start to rally which we did. The market basically did exactly what the morning commentary talked about. A grind higher all day. That was if we were going to 1065. I say this to show technical analysis does work and give us a road map. Now we wait for the inevitable breakdown. We will go lower because the charts demand it. The only question is when? Thursday at the latest IMO. We should see a pullback early next week then 1 more attempt that fails.
Ron Rebner |2010-08-27 18:52:29
Thanks. I remember a few other things you taught me/us. Plan the trade and trade the plan. Get out of your own way (don't get chopped up). Last but not least, patience. The big gap between the stock market and the depressed economy weak will continue to narrow. Just a matter of time.
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