By Gareth Soloway on April 16th, 2010 11:32am Eastern Time
Someone in Goldman Sachs Group, Inc. (NYSE:GS) must have angered the wrong person in the government. For a government that has had baby handling gloves for Wall Street and the financials, they had to know this would shock the markets and send rippling waves everywhere. Goldman Sachs is down 15% on news of fraud. Stocks like JPMorgan Chase & Co. (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC) are all down about 5%. The saying goes, if there is one rat, there are many.
This is a huge shock to a market that has been priced to perfection. While a huge shock, I am proud to say I gave the alert to buy the Direxion Daily Finan. Bear 3X Shs (NYSE:FAZ) yesterday into the close to my premium members of the Intra Day Stock Chat and Research Center, at a price of $11.01. While I had no idea Goldman Sachs was going to be charged with fraud, my analysis showed that following JPMorgan Chase's earnings, there was little to no further upside for the financial stocks. This turned out to be not only true, but a home run.
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