well it almost worked...lol.
GS reported a decline in profits from last year, though they still came in at 4.58 compared to 4.93 2ndQ last year.
it opened strong on the numbers over 185 however this did not last as the financials turned down with concerns over inflation and Lehman.
sold the stock at 181. was hoping for more than a pop and the stock to reach 190. still like GS however will wait to see some positive signs in the sector before I buy in..... GS will be the US brokerage, to hold.
still will hold my WFC positions however thinking of closing out the puts.
Dawgball agree with you that there is probably value in the sector, not sure when it turns. thought yesterday was the start, good day before and GS could beat low beaten down estimates, which they did....however the sector did nothing...not a good sign, short term.
had my monthly shareclub meeting on Friday, once a month...take a break for the summer...anyways we all agreed if oil goes to $150 then Financials should be avoided.
if oil fell back to 125-120 or below then financials would be a good place to invest.
I own far more energy than financials, and cdn. banks, and insurance companies, that have held up well. believe the US financials will be good investments when the sector turns higher, they have just be beaten down so much, .....especially regional banks...they have been killed.
WFC will be my holding for now....may buy a regional bank etf though not for now, will try to buy GS again......
do not own PFE, stock scares me, as for C, it should follow the financials and looks cheap, though I said that when it was 15-20% higher. so will hold others.
thanks
selkirk
