Saturday, July 11, 2009
I have no doubt what so ever that Goldman earnings due at the 14th will provide an upside surprise as they were riding a massive long position all the way long and will be by far the biggest beneficiary of this bull run. They even might not show all their profits this quarter as the game comes to an end. We can expect those earnings to turn the markets for a short period ( 1-2 days) as other banks like MS will be less fortunate only JPM will be again on the right side. That's one of the few things Mr Bove got right. The current corrective wave down should end within 2 weeks and the final upleg above 1000 SPX should start from a level around 830. GS earnings can come in easily above 4 with the biggest contribution from the equity trading operation.
Posted by getagrip at 4:32 AM