Oklahoma Teachers Retirement System Puts Goldman On 90-Day Alert, $GS -9.4% to $145 on Criminal Probe, Channel Support Violated (Charts)

James Wilbanks of the Oklahoma Teachers Retirement System put Goldman Sachs Asset Management on alert for 90-days as it reviews the fraud allegation.  GSAM manages $500 million for them so there's definitely client withdrawal risk if sh-- hits the fan, not saying it will. Dick Bove thinks their clients are a non-issue and thought it was a buy after the charge (video).

"The Oklahoma Teachers Retirement System voted on Thursday to put Goldman Sachs Asset Management "on alert" for 90 days as it reviews the fraud allegations, an official at the fund told Reuters. After the alert period, Goldman, which manages more than $500 million of U.S. growth stocks for the retirement fund, could be reviewed for possible termination." (read full article at Reuters)

As I said in my previous post, Goldman was in a trading range between $150-190 and the knife wounds needed to heal before attempting to back up the truck. Now the Feds are beginning a criminal probe which sent the S&P -1.66% and $GS -9.39% to 145.20, which violated channel support.  We shall see if $GS shorts get squeezed above $150 next week. If not, $140 in the cards?

Goldman Sachs 2-Year Chart, channel support violated (courtesy of Stockcharts.com)
$GS short term (Stockcharts.com)

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