I shorted GS today

Quote from thisisjones:

no beacause the bailout was already priced in. not the case with GM.
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and it dropped after the bailout was officially annouced. do you really believe a massive dillutive govt stake in GM would make their stock price go up?
 
It will not be a dillutive stake in the company you knob. But its over now, they're not getting bailed out. And for the record I sold and lost .12/ share.

They will slowly wind down and the government will force all their creditors to restructure their debt. They will also get rid of about 7-8 car and truck models, and probably 2 brands completely.(Most likely Buick and Hummer). GM will then sell off any remaining brands so all is left is Chevy, GMC, and Pontiac.
 
Looks like major resistance around 85 or 86 for GS. I'm looking more for longs now, rather than shorts myself currently. I would expect GS to atleast come out and tag the resistance area. I would keep a tight reign on this short, king of short, just to be on the safe side.
 
Quote from KINGOFSHORTS:

I unloaded my wad and covered this morning :)
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Good trade. Pretty strong resistance here at around 81.29 and the 50 day MA currently at $82.64, but it looks like like it might try to break out with the reversal on Friday. Good to stay on the sidelines and watch for either a breakout to get long, or a bounce of the 50 day to get short.
 
I still wouldn't want to be short anything if we start to rally. One trader I learn from is watching for a possible reversal here, earlier than he originally thought. If this turns out to be the bottom, and we rally, I don't think they'll be too many safe shorts.
 
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