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UPDATE: Is the Street Sacking Goldman Sachs?

Does Wall Street have it in for Goldman Sachs?

Over the past week to 10 days, a slew of analysts have downgraded the investment firm and/or cut estimates. Just consider the timeline below:

Oct. 1: Credit Suisse lowers price target, estimates
Oct. 1: Wells Fargo lowers estimates
Sept. 30: Bernstein lowers estimates
Sept. 29: William Blair lowers estimates
Sept. 23: Rochdale securities lowers estimates
Sept. 22: Deutsche bank lowers estimates

Should you buy the weakness or run for the hills?

Jon Najarian, co-founder of optionMONSTER.com, said trading volumes during the month of September were "phenomenal." He thinks that alone is reason enough to own GS.

Looking at the banks broadly, it seems that estimates have been taken down so far we may see out performance, said Stuart Frankel's Steve Grasso. He expected volumes to pick up into year's end and thinks we could likely see a chase for performance after the election.

Joe Terranova of Virtus and Karen Finerman of Metropolitan Capital agree with Najarian. "I think the potential is on the upside," Terranova said on Fast at 5, citing better than expected earnings and technicals as potential catalysts.

"And if you're bullish on the market and think it's going higher then volume should pick up too," added Brian Kelly of Kanundrum. That too could be a catalyst.

Patty Edwards, however, could not be convinced. "I'm hearing rumors that their night trading desk is lowering their head count because of light volume.... no thanks."

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Trader disclosure: On Oct. 1, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman and Finerman’s Firm owns (BAC); Finerman and Finerman’s Firm owns (BP); Finerman’s Firm owns (DAN); Finerman’s Firm owns (HPQ); Finerman’s Firm owns (LEA); Finerman and Finerman’s Firm owns (JPM); Finerman and Finerman’s Firm owns (RIG); Finerman’s Firm owns (CVS); Finerman’s Firm owns (GYMB); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Karabell owns (AAPL), (BP), (C), (GS), (MON), (RIMM); Terranova Owns (AAPL), (APA), (ARUN), (C), (EOG), (FTO), (HES), (IBM), (JOYG), (NBR), (OIH), (ORCL), (OXY), (PEP), (POT), (RIG), (RIMM), (RSH), (SU), (UPL), (VRTS), (XBI); Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST)

For Zach Karabell
River Twice Captial own (MON)
River Twice Captial own (GS)
River Twice Captial is short (SPX)
River Twice Captial is short (QQQQ)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DRYS)

For Patty Edwards
Edwards owns (HPQ) for clients
Edwards owns (AAPL) for clients
Edwards owns (ORCL) for clients
Edwards owns (JPM) for clients
Edwards owns (GLD) for clients
Edwards owns (SLV) for clients
Edwards owns (FCX) for clients
Edwards owns (PGM) for clients

For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (GPRE)
Accounts managed by Kanundrum Capital own (JPM)
Accounts managed by Kanundrum Capital own (PCL)
Accounts managed by Kanundrum Capital own (LPX)
Accounts managed by Kanundrum Capital owns U.S. Dollars
Accounts managed by Kanundrum Capital own Swiss Franc
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (BCS)
Accounts managed by Kanundrum Capital are short (HYG)
Accounts managed by Kanundrum Capital are short (SLF)
Accounts managed by Kanundrum Capital are short the Mexican Peso
Accounts managed by Kanundrum Capital are short the U.K. Pound

For Steve Grasso
Stuart Frankel & Co and it’s partners own (AMGN)
Stuart Frankel & Co and it’s partners own (COG)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners are short (QQQQ)

Pablo Perez-Fernandez
***No Disclosures***

Ed Mills
***No Disclosures***

For Peter Goldmacher
***No Disclosures***

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