Goldman Sachs Sinks Despite Market Rally
One of the leading financial stocks in the entire stock market is Goldman Sachs Group Inc.(NYSE:GS). Since April 2010, this stock has been surrounded by a black cloud. Last year, the company paid out a record $550 million to settle with the Securities and Exchange Commission (SEC) over fraud charges. Earlier this year, the stock has come under numerous allegations by many leading politicians.
The stock topped out on April 18, 2011 at $175.34 a share. This afternoon Goldman Sachs stock is trading around $128.50 a share which is a new 52 week low. The decline today comes as the major stock indexes are surging higher by over 1.00 percent. This stock is in a downtrend at this time and is signaling weak relative strength. Intra-day, GS stock will have some support around the $128.50, and $128.00 levels.
Other leading financial stocks that are declining today include Piper Jaffray(NYSE:PJC), Jeffries Group Inc.(NYSE:JEF), and Morgan Stanley(NYSE:MS). When these leading financial stock fail to rally higher with the major stock indexes it is a sign of a temporary stock market rally. The leading financial stocks should lead the markets higher, not lag the major stock indexes.