I'm studying your GS chart and do not understand the bullish scenario.Any insight would be greatly appreciated.
Within the chart posted you can see the Slow STO declined very nicely, more so than the CCI. This usually triggers, to me at least, a consolidation w/in a bullish scenario.To add support to the set up was that the SMAs appeared to be holding support, and the DMI (or ADX listed above) in a bullish tone.I considered it an initial entry because it was just before JPM earnings. (special events, regardless of chart set up, can change things) Prudence dictated to wait for the event, and see how things go before the next entry. The next entry is dictated by the weekly 38SMA around 161-162.IMO, GS is now nicely consolidating before GS earnings, and they usually beat, so its setting up for a pop on the earnings.Keep in mind, this whole bonus issue should be benefiting the stock. If GS decided to turn around and say the 30 senior personnel will take less, they will cruch earnings. (i don't think analysts are pricing in less compensation expenses w/in the financials) Just like JPM did, but because we were due for a sell off, everything sold off. Making the market look inefficient on Friday.
Just read the Dow Jones bit from yesterday detailing the idea compensation will be announced AFTER the report tomorrow- dated 1/19...WOWThanks again