BEHIND THE MONEY: Goldman Vice Chairman Cashes Out $3.7 Mln as 'Profit Taking' is Trade Du Jour
Goldman Sachs Vice Chairman Michael Sherwood disclosed a sale of 45,000 shares after the close Friday. The trades were booked at an average price of $83.13 for proceeds of $3.74 million, notes StreetInsider.com, which is an excellent tracker of corporate insider activity. The trade follows a double in Goldman shares from their November 2008 low.
It seems traders are following in Sherwood's footsteps today, with the major averages idling. Now that the TARP II announcement is tomorrow, the traders lost their heavy volume catalyst for today.
Tim Seymour, FM trader and managing partner at Seygem Asset Management, said this morning that he's taking some profits in some of his commodity winners. Longer term, he's encouraged by the jump in oil today. If the laggard crude can start participating in this commodity comeback (see copper last week), it may confirm that this sector's recent up-move is indeed a trend.
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