I've had several inquiries about GS, for the last several days I've advised any one looking to short it to leave it alone for the time being. This is not my ideal short, I think there are much weaker looking assets out there and just because something is likely to go down, it doesn't mean it's the best allocation of funds.
In any case, the deterioration for at least a trade in GS seems to be taking place now to the level in which I'd be more supportive of a short position there, again it's not my favorite by far, for instance I'd prefer FAZ or even just XLF short over GS, well maybe SKF to get a little leverage.
The 1 min chart is going negative, I like this for the daily entry.
The 2 min chart is starting to lead negative
The 3 min chart shows the strength earlier in the week short term, that looks to have been aggressively sold in to, but this is still not heavy flows of capital.
The 5 min chart positive and then relative negative, finally leading negative, this I like for maybe a swing trade or thereabouts...
I wouldn't feel good about a longer term position until at least the 1 day Trend Channel was broken on a close and then wait for a bounce.
Also the X-Over Screen should go to a sell signal.
Intraday this is a pretty good spot, it has broken below the 50 bar 5 min and corrected up to it, maybe a little above would be a decent entry with much lower risk.
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