Turning Goldman Sachs into Gold in Sacks

Goldman Sachs has been called many things over the past 5 years. There has been a a lot of jealousy involved, but a lot of creativity as well. One of my favorites has been the Vampire Squid. But I have a new moniker for them. Gold in Sacks. And this Gold comes from the Dented Headed Cash Machine. A look at the chart of the stock price below may give you some clarity.

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The price action since early 2010 has created an Inverse Head and Shoulders pattern. The Double Bottom at 90 created the Dented Head. The neckline, where the pattern triggers a buy, is the orange zone and a move over that carries a price objective to 270. That is a long way to go from a buy at 180. But there is also a smaller inverse head and shoulders pattern in the right shoulder of the bigger pattern. This one triggered on the break of 175 and carries a price objective to at least 197.50. That can keep you occupied in the short run as Goldman Sachs stock turns your money into a bunch of Gold in Sacks.

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