GS Earnings and Institutional Holdings
GS has had a sudden huge decline in its Institutional Holdings from last quarter--a whopping 12%. That's huge. This suggests that often the selling is from Buy-Side Institutions.Goldman Sachs has a buyback program of 30 billion dollars underway, approved end of February 2023. The Buybacks started in March and have continued until recently. I showed the buyback activity on the daily chart in this article earlier this month.
The Support from corporate buybacks poses problems for selling short. The stock is also prone to HFT triggers with frequent gapping. The first Support level is just above the 2022 lows.
The company reported earnings this morning and gapped down at open but is holding onto the sideways range it's been in for 2 weeks so far.
However, Quarterly and Annual Reports are starting to show signs of weakness as this company struggles to reinvent.
GS is also facing loss of revenues from IPO underwriting as the NASDAQ Private Market is undermining the high income usually generated from IPOs by underwriters. IMO, the investment banking industry is slowly becoming obsolete as DeFi, Fintech, Blockchain technologies and Crypto currencies continue to advance and erode traditional revenue streams.
Martha Stokes, CMT
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