John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: nspolar who wrote (9667)	7/14/2008 5:07:16 PM
From: John Pitera	Read Replies (2) of 33421

I think the GS chart looks miserable and bearish. yes it's got some support in the 155-160 area, but to make one of the most simple readings on it; it's a bearish decending triangle with an extra bit of manic energy on the March BS related sell off to 140 as well as that really frothy irrational choppy trading of Oct of 2007. I see it going down to par...... ( down to under 100) on all weekly and monthly charts looking at GS from a 5 10 and 15 year perspective has it not broken down out of the uptrend much as GOOG did last fall. So it's going down and I will reiterate that GS does not have nearly as a precise handle off their percentage holds of L3 and L2 holds.... I don't recall the name of the innane Chief Risk Control Manager at GS who came up with some ridiculouly timeless quote that we posted here last fall...... he quote was so off the wall, I'll see if I can find it or maybe one or the team here can. Listen to Laszlo Birinyi here is what I honestly believe, because as you know we are in my most aptly named Centipede Market here...... don't get caught up waiting for the other shoe to drop when it's all clear..... watch for bits of falling sky as the other 90 some odd shoes fall off the *infamous Centipede Market of 2008*

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