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Fast Flash: Goldman Sachs

Goldman Sachs closed lower on Tuesday after attempting to make a nice run at that key technical level of $160.

What must you know?

I think the move higher was generated by closet indexers who must be in financials, says Gary Kaminksy. With all the problems in Europe they don’t want to be in European banks so I think they took a long position in Goldman because it’s less likely to surprise.

I think the move in Goldman is short-covering, counters Joe Terranova. Nothing more.

If you’re in Goldman stock, I’d take profits on the bounce, adds Guy Adami, especially if you believe the stock market is heading lower. I expect to see the stock run down to $150.



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Trader disclosure: On February 23, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kaminsky Owns (EXPD), (EPV); Kaminsky Owns (LULU) Puts; Terranova Owns (IBM), (QCOM), (GOOG), (EMC), (AAPL), (DELL), (MSFT); Najarian Owns (HK) Call Spread; Najarian Owns (INTC) Calls; Najarian Owns (MS); Najarian Owns (RSH) Call Spread; Adami Owns (INTC), (GS), (AGU), (MSFT), (NUE), (C), (BTU), (AGU); Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (UNG),, (USO); Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (CVS), (GOOG), (JPM), (WFC); Finerman's Firm Owns (IBM), (TGT), (WMT)

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