"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)|