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Goldman Loses Its Grip

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Earnings season is upon us, and a couple of big investment banks reported this morning. JP Morgan, true to form, blew the doors off, and they’re hanging out at new lifetime highs. Goldman Sachs, on the other hand, has gapped down, and it seems to me the trendline it already broke is indicative of the breakdown that is transpiring.

Here is a longer-term view, dating back to the depths of the financial crisis. I would call this chart quite precariously positioned, for it has not only broken the line mentioned above, but also has completed busted the long-term trendline dating back over a decade.

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