Goldman Cuts S&P 500 Price Target, Charts The Market's 10% Correction

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Sat, 08/06/2011 - 13:35 | 1530965 caerus
caerus's picture

notice the gigantic impending right shoulder slide on the h&s on the s&p...oh, a doesn't work...sorry

Sat, 08/06/2011 - 14:33 | 1531258 midtowng
midtowng's picture

That's what I spotted to. A 12+ year H&S top. That is epic.

Sat, 08/06/2011 - 14:50 | 1531332 caerus
caerus's picture

good be on the right side of that trade...

Sat, 08/06/2011 - 17:31 | 1531682 Highrev
Highrev's picture

Dream on suckers.


BTW, very nice report packed with very useful info. (Got to give a thumbsup when and where it's due.)

Sat, 08/06/2011 - 13:37 | 1530975 Dr. Engali
Dr. Engali's picture

This markets seen it's top for the year. Long term chart is a triple top. The baby boomers aren't going to go through it again. This is the end.

Sat, 08/06/2011 - 13:40 | 1530986 caerus
caerus's picture

upon further inspection...yes it does appear to be a trip top...take it down to 400-600 in time

Sat, 08/06/2011 - 14:35 | 1531269 midtowng
midtowng's picture

That 10% penalty for early withdraw from a 401k is going to look downright cheap compared to a 20%+ correction in the market.

Sat, 08/06/2011 - 14:49 | 1531329 caerus
caerus's picture

lol...agreed...i told my friend that the other day...he's got a gov job...

Sat, 08/06/2011 - 13:38 | 1530980 EhKnowKneeMass
EhKnowKneeMass's picture

Goldman's Sachs, beaches.

Sat, 08/06/2011 - 13:41 | 1530996 silvertrain
silvertrain's picture

The Vix should be hopping come Monday..

What about California? Ill ? The whole US gets downgraded but states skate?

Sat, 08/06/2011 - 13:53 | 1531048 caerus
caerus's picture

they'll go too...a lot of that muni debt is graded on the assumption that fed debt is "risk free"


edit: iow that the feds will backstop

Sat, 08/06/2011 - 13:53 | 1531062 DrDre
DrDre's picture

Revised "down" to 1400? The S&P will be lucky to end abobe 1300, if any ...

Sat, 08/06/2011 - 14:22 | 1531226 Doyle Hargraves
Doyle Hargraves's picture

S&P 666 Bitchez!

Sun, 08/07/2011 - 13:52 | 1533168 rocker
rocker's picture

I like the way your thinking. A complete revisit.  I called for 1167 and we got to 1168.  I think 900 could be next leg lower. The question is do we bounce off this last drop because, (as they say), we are oversold. And then saying the downgrade was priced in. Or do we just fade and quickly drop. Next week will be interesting for sure.   


Sun, 08/07/2011 - 14:19 | 1533282 Doyle Hargraves
Doyle Hargraves's picture

I am thinking technicalities like being oversold are out the window when there is this much manipulation going on, I say it will go down quickly, just based on the news and current events, 666 is symbolic to them of course, but if it goes down then ben can print, becuase he has been in the corner with his hand up for over a month going "call on me I have the answer, I have the answer!", and so it is his turn to answer the question, how do we get out of this mess right now?

Sat, 08/06/2011 - 14:25 | 1531235 LetThemEatCake
LetThemEatCake's picture

If GS really thinks 1400 is a realistic target it means a lot of people are long equities still and equities could fall a lot further.

Sat, 08/06/2011 - 14:40 | 1531286 midtowng
midtowng's picture

Why are they only going back to 1975? Why not include the 66-74 bear market?

Sat, 08/06/2011 - 15:01 | 1531368 slewie the pi-rat
slewie the pi-rat's picture

Do The Math

w/ slewie

lower our year-end 2011 price target to 1400 (from 1450) due to downward revisions of GDP growth estimates in the US, Europe, and Asia, along with our commodity

yest, S&P = ~1200, so 200 away from 1400.

200/1200 = 16.7% increase by new years day!

if they had left the estimate at 1450, then we would be 250 away

250/1200 = 20.8% by year-end

so you can see how they benefit from this reasonable movement in the goalposts.  most of their customers will just think they're a bit teched in the head and not totally insane

but really, it is hard to tell what this wild bull will try next, isn't it?

Sat, 08/06/2011 - 15:09 | 1531389 jkruffin
jkruffin's picture

WOW, a whole 50 point EOY downgrade, what on earth will we do?  LOL   These clowns are all posturing for their own positions...half of them short, the other half long.....why even announce a 50 point estimate cut on S&P,  that is like me saying I cut AAAPL end of year PPS from $400 to $398     oh man we better panic....LOL

Sat, 08/06/2011 - 15:36 | 1531434 I am a Man I am...
I am a Man I am Forty's picture

how awesome would it be to always be wrong and get paid well, you would think that the world was full of a bunch of dip shits, hey wait a minute...


Sat, 08/06/2011 - 18:42 | 1531842 gillimus
gillimus's picture


Sat, 08/06/2011 - 15:59 | 1531463 abaccus
abaccus's picture

thats how it works...they reccomand you a target to sell you into it...this is classic.

Sat, 08/06/2011 - 16:29 | 1531542 Id fight Gandhi
Id fight Gandhi's picture

Qe3 all the way. Hold yer PMs and ride momos one last time. Because it will be last time.

Sun, 08/07/2011 - 13:44 | 1533116 rocker
rocker's picture

What are momos? Anyone. Is this refering to treasuries.

Sat, 08/06/2011 - 18:24 | 1531798 Bam_Man
Bam_Man's picture

This timeless gem immediately comes to mind:

"It's hard to make predictions. Especially about the future."

- Yogi Berra

Sat, 08/06/2011 - 20:01 | 1531969 Beancounter
Beancounter's picture

Almost it's Gold Mansacks.  Not Goldman Sachs.

Sun, 08/07/2011 - 02:43 | 1532292 CEOoftheSOFA
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This forecast will prove to be optimistic.

Wed, 09/14/2011 - 04:58 | 1667460 chinawholesaler
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