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Goldman Sachs is charged with fraud, and Fibonacci Retracement Lines amuse me.

April 16, 2010 Business, Equity Trading No Comments

The Securities and Exchange Commission charged Goldman Sachs with fraud, and the stock tumbled almost 13% ($24). $12 billion in market value wiped away with that one headline. Incredible!

Interesting to me (probably way more so than to anyone else) is how beautifully Fibonacci Retracement Lines touched certain candlesticks (the christmas-colored verticle lines). You can see, by using the intraday high and low as a base, this stock was trading between 38.2% and 23.6% mid-day. Yep, I know…. more interesting to me.

So, if you haven’t read the news, basically, Golden Slacks created, marketed, and sold knowingly-crappy investments to other parties. What is worse is that at the same time, they bet against those same investmets. They made moolah when the investments became worthless. That’s it in a nutshell. If you want details, you can read this NY Times article.

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