Since the lowest point of the financial crisis (whose name itself is a joke – – turns out it was a financial opportunity for the investment banks), Goldman Sachs has increased nearly 500% in value, making Lloyd a billionaire. In addition, the federal government is crammed at the very highest levels with GS alumni. If there were any justice, or a munificent God, Goldman would have gone bankrupt in late 2008, but that, of course, wasn’t allowed to happen. Well-played, Goldman. Your greed, and your success, knows no bounds.
The combined impact of a better-than-expected non-farm payroll gains and the prospect of a Trump repeal of Dodd-Frank financial regulations goosed the Financial Select Sector SPDR Fund (XLF) +1.3% in early trading.
That said, let’s notice on the enclosed near-term Point & Figure chart, that current strength is pushing up towards a test of very powerful resistance at a quadruple high-print of 23.80.
A climb to a 23.90 print will trigger a new buy signal that will project to new high targets of 24.60 and 25.20. Only a print of 23.00 will compromise the constructive P&F set-up.
The day after the Trump election victory, articles came out on describing how much Buffett made – some $11B, according to this CNBC article published on November 22, 2016.
Thought that was a lot and that it might’ve been too late to buy then?
Well, wait til you hear about how much Buffett made after this past week’s rally. Just look at the size of that December rally compared with the election rally in November in the chart below.