AKS And GS

Although 16.88 was IN PLAY from The Rectangle breakout (16.15 - 15.42 = 0.73 pts. + 16.15 = Target: 16.88), I took profits on AKS on Monday when the SPX got to 893 neckline resistance. The SPX powered higher into the 901 close off the little pattern breakouts (see yesterday's chart), but AKS traded in the little Rectangle fractal (a repeating pattern), in red.

I liked the fractal, but I didn't like the fact that another Rectangle (sideways trading) was forming while the SPX was moving so nicely to the upside, so I decided not to buy back my long position. Result: AKS handily outperformed the SPX in yesterday's trading. The 16.88 target got MADE, and a good bit more. Curses!

In yesterday's trading, Goldman, "The stock that STUBBORNLY refuses to die" got to within two cents of its early June high.

As we discussed about The Rising Wedge (in blue) back in June, those patterns aren't always very bearish because there's a lot of horizontal support on the way down (the targets on the chart), as opposed to, say, a H&S Top, where the prior trading is overhead and usually becomes pretty good resistance. In this particular case, Goldman sold off only to 135.23, just above 134.61 horizontal support, prior to returning to its recovery high yesterday.

This "could be" a Double Top, at 151.17 and 151.15, but it also arguably is a channel breakout that puts, roughly, 16 points of upside IN PLAY as long as Goldman trades above the channel.