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Goldman Sachs recommends shorting U.S. stocks

NEW YORK | Thu Jun 21, 2012 2:36pm EDT

NEW YORK (Reuters) - Goldman Sachs recommended shorting the S&P 500 index with a target level of 1,285 on Thursday, saying the latest U.S. data suggests that weakness in the economy has extended into June.

"This morning, the Philly Fed print of -16.6, down sequentially and worse than expected, provides further evidence that weakness has extended into June," Goldman said in a note to clients. "We now think, with incremental U.S. monetary policy on hold, the market will need to confront a deteriorating growth picture near term.

The Philadelphia Federal Reserve Bank reported that factory activity in the U.S. mid-Atlantic region contracted for a second straight month in June, with its business activity index at a reading of minus 16.6.

The S&P 500 was trading down 1.6 percent at 1,333.70 in afternoon trading.

(Reporting By Edward Krudy)
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Comments (1)
neahkahnie wrote:
Nothing personal, “It’s just business.” Let’s short the whole United States. “It’s just business.” Nothing personal. We are still good Americans but our loyalty is to Money, not America.

Jun 21, 2012 4:14pm EDT  --  Report as abuse
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