Two Ways: Goldman Sachs' Downgrade
Strengthen your portfolio in good times and bad.
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!
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