Pre market update for July 14, 2009.. Goldman Sachs beats
Yeah Goldman beat so what? They are a trading firm with a massive trading program creating liquidity in a market with no real liquidity? Remind of stealing candy from a baby. If you read the tape and understand it correctly you know the ride is over for “Golden boys” over at Government Sachs. Currently pre market the almighty one is down 1%. Goldman has been the precedent for this market since before the March lows, it has had an incredible ride of over 100%, it cannot sustain it’s overbought, overweight and outperform status.
Trade ideas for today include fading whatever gap we get at the open, then trading the tape accordingly.
The Spy is down pre market also, lots of hedging goes down with the spy some smart guys are in those trades, REMEMBER this phrase, “follow the gorilla”. A gorilla someone I call in the options market who is making a large bet on a direction of the underlying and price, the gorillas i have seen are betting on a down week towards the end of this week. ALA expiration!
UNG im looking for a technical bounce
OIL will be up with the market, ultimately because the USD is down
USD will be down because of basket trading..
DUG will see profit taking from its great ride and breakout