Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Two Ways: Goldman Sachs' Downgrade

By

Strengthen your portfolio in good times and bad.

PrintPRINT
Goldman Downgraded by Whitney

Shares of Goldman Sachs (GS) are under pressure this morning after Meredith Whitney cut her rating on the investment bank from Buy to Neutral.

Details for the move weren't immediately available, but according to Bloomberg it was Whitney's only Buy recommendation.

Whitney originally gained fame for accurately predicting that Citigroup (C) would cut its dividend back in 2007.

She upgraded Goldman Sachs back on July 13, and the stock has since risen 34%. GS shares are currently down almost 2% in the pre-market.

See Mr. Practical's view on the banking sector in The Credit Cycle is not Over.

From the Bull Pen: Bulls can look elsewhere like Nike (NKE). The daily chart shows the stock has maintained its bullish posture. For those playing the upside, a sell stop can be set below $61.

From the Bear Cave
: If you're bearish on the banking sector, then keep an eye on the financial ETF (XLF) for a double top pattern. For those playing the downside, a buy stop can be set above $15.40 resistance.

A Quick Check Around the World

Asian trading closed with the Nikkei 0.60%, India (Closed), Hang Seng 0.79, Shanghai 1.44%, and Taiwan -0.04%.

Across the pond, we see the FTSE -0.21%, CAC -0.33%, DAX -0.40%,

As of 8:30 a.m. EST, S&P Futures are trading -0.75 to 1071.00 and Nasdaq futures are +2.25 to 1730.00.

A Look at Commodities

Over in commodities, crude oil is +1.09 to 74.36 while gold is +9.70 to 1067.20 this morning. Silver is +0.15 to 17.97 and copper +1.000 to 286.70.

The dollar index is -0.2900 to 75.8500.

Not much on the radar today, but click here for the rest of the week's events.

Good luck today!

Register For Minyanville's Holiday Festivus '09 Here
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE