We'll we have a short trading week, as July 4 is on Sat., so that means the US markets will be closed on Friday. We have a packed filled week of EcoNews to go thur and with with appears to be light volume on the menu due to the many people will be take off trades and go on their vacations early, it should be a wild ride, to say the least.

GS earnings are comming up in July so, we may see the $150 per shr level pretty soon. Resistance is at $148 level, we need to get thur that stuff to shoot higher. GS did and is near a 9 month high, so let go and do this, man!!

Watchlist Under $5

FED notes nothing has changed and the markets acted like they should have "Buy the Rumor, Sell the Tell". We were up in the early morning session, but did not use a trailing stop and paid for it (14% to a 4% gain for the day). In GS fashion, they have a tendancy to give most if not all of its daily gains back in the afternoon, with a "buy" program whipsaw ya'll in the end, lol.

New plan of attack, mental stops always . . . Next up the Chairman and Unemployment Claims at 8:30AM to 10:00AM ET

Milion Capital Research Group - Sold to Close
GS - JLY 09 GSGB 110 C at $32.50 +4%

GS moves its earnings announcement for Q2 again, to 13-Jul-09 - 23-Jul-09. What a way to go (DO IT) if the FED, EOQ and Payout of Large Bounses are due . . .

EcoNews

There is about 45 mins left in this market and we are dropping through lows, from the market open. GS is stepping on the gas to the downside and has not let up. We were able to close position on the downside from Friday's trading active. Two-Day FED Meeting starts Tuesday with the results on Wednesday is the news from the FED and let see what will happen to the financials.

Update: Markets closed down -200 points with the financial sector closing down 6%. We left .80 cents on the table for leaving the party early, looking to get back into the short side of this trade. May have to wait as earnings and FED are due. Humm!! :P

Milion Capital Research Group - Sold to Close GS - JLY 09 GPYSM 165P, at $27 +14%

Futures pointed to an higher open morning and that is what we got, however, the market is lack luster today as we are in options expiration mode. Volume is non exist, lots of whipsawing. SPY ran up into resistance of its 200MA on the 10MIN chart and has been trading sideways to lower all day. GS is also ran back into its 200MA and has been dropping lower to $141.79 . . . Dow just went neg and all others are still pos as of 12:24:24 EST.

GS is coming into its 200MA; which is major resistance for the stock $143.90. If we could just close above the 200MA; we believe this stock could reach $144-$150; by tomorrow's close on options expiration Friday. The Dollar (UUP) is currently spiking up and the market has pulled back slightly, at this posting time. So with about 1 hour left to go to the close. Let's see, if the market can hold on to its day's gains. Dollar spikes makes the market give up gains. Stay tune.

Geithner hearing on bank reforms is postponed

WASHINGTON (MarketWatch) -- Scheduled testimony by Treasury Secretary Timothy Geithner on Thursday afternoon has been postponed, the House Financial Services Committee announced. The hearing was postponed due to a series of floor votes, the committee said. It will be rescheduled at a later day. Geithner testified earlier in the day at the Senate Banking Committee about the Obama administration's proposals to reform the regulatory structure over the financial system.

Humm!! Two big items on the board for next week, possibly did not want to scare the market to the downside and maybe get a better price on the Treasury Notes.

Bernanke agrees to testify June 25 on Merrill deal Thu Jun 18 17:17:40 GMT 2009
Treasury to sell $104 billion in notes next week Thu Jun 18 15:02:08 GMT 2009

GS closed below our target price of $140 per share, we now look forward to seeing what will happen in the next couple of days. Major support level for this stock is at $139.55; if this does not hold then we are looking for $133.00 as next level of support.

We have two days (Thursday and Friday), options expiration day on Friday (especially). The $140 strike price is the closes to the pin and it may hoover around the area until options expiration day on Friday, also GS has paid back TARP Program monies, which will be a hurt to the 2nd Quarter numbers. However, we believe this maybe a good thing for the company. Also, new rules financial rules, also, will way on the stock. But GS has already figured it all out, they possible wrote most or all of it. LOL. GS after-hours steady, for now, at the time of this post.

Earnings are due in the next couple of days.

EcoNews

This is the moment of truth for the financial markets as we know it, heading into Wednesday. Pres. to come down with some rules and GS is not like it one bit. Also, with the TARP payback approved it will hit their bottom line. We see GS under $140 per share by friday, however we also are covering the long side just in case of something else happens. Mutual and Hedge Funds will be cleaning up their statement for the end of quarter, to clients.

GS closed at the 20MA and June 17, 2009 is the day for earnings announcement, however, we think that the may delay, even thou it is after market close on Wednesday. Lots of things happening this week. No prop programs came in at the last few min. of the market so. We will see what transpire in the come days of options expiration on Friday.

Battle of the Minds and the markets move on. Down 130 to close +1 and come change, what is really go on with the markets. We are still cost averaging with GS and place a hold on new picks and buys. Swings are wild and Jokers are not.

All things being equal, today was the day all was equal. Not one sector stood out from the other.

Well the markets did not perform as well as we excepted. 3mo chart is hold up well. We were stopped out of GS today for +30 dimes. Still holding a short position in GS and looking to protect the upside on Monday. GS is up 75% since the drop and is coming into res levels of $149; would like to see a close above $150; it should be good from there. Earnings are coming out for GS around June 15 - 22, 2009; sometime between those dates. Chatter from the Analyst are that GS will beat the numbers and look for a pt of $160 nt. Need to cover all angles of this trade. As in all markets, take profits and not be greedy.