GS accomplishes what the rest of the world would love to gain

Goldman Sachs (GS) is achieving the type of "wow" that we used to associate with the Google stock price, so I'm jokingly referring to this as GS being the new GOOG! I don't take a position in it either way, but will admit to being surprised to see it doing so well today, when its effort looked like a very poor excuse for a triple top breakout yesterday (and that stubborn max pain for Friday was still showing $135). Anyone shorting it yesterday on these or similar thoughts will be having their stops taken out today. Looking at the monthly chart at right, it's obvious that GS is achieving what most of the rest of the world would like to gain in equities and/or commodities prices - namely, a much more substantial retracement back to the all-time highs. The P&F chart has been showing $188 as its bullish objective for GS, and analysts are talking about an objective in that range as well. Looking at my weekly chart with Fibonacci retracements, clearly GS has stumped the 50% retracement level where I first queried whether it could do better than that. Between here and $188, in addition to moving average levels, there are Fibonacci retracement levels at $169.22 and $171.28.

Will Goldman Sachs continue its role as "the most important stock in the world" (as some traders have called it for a few years at least)? The financial sector in particular, and the rest of the equities market, will certainly be hoping so, in the sense that they'd like to have their wagon hitched to this star. I think a lot of ordinary citizens may be feeling the same - a 300% move up off the lows looks great! For myself - I'll mainly keep an eye focused to the sectors, like XLF, and the indices, as usual, as I need a little convincing that this is a harbinger of more good things to come.