Another Buyback: $30 Billion Goldman Authorized

I was reading the recent Bloomberg article that mentioned Goldman authorized 30 billion in share buybacks. So far, they have re-purchased around ~3 billion this quarter.

One interesting note the article mentions: “Previously, Goldman had provided the number of shares it had the ability to repurchase. This time, the firm is giving investors a dollar figure of the total amount they could repurchase over an undefined timeline”.

I don’t know. this kind of stinks especially at a time when the last few buyback news have all been faded: Chevron, Baidu etc (all down big since announcing buybacks).

I mean look: FICC and M&A should be a fruitful time right with high vol, sideways markets and opportunities in the up and downswings between capitalized and margined players. Banking should do well, especially with above average rates. Furthermore, the Stripe deal is absolutely huge for GS which should be finishing soon.

I like the stock, on a decline. Why? Well, XLF doesn’t really look to great to me. We finished upside DeMARK 13 countdowns and price flips lower. We are holding TDST support here.

I think how the market trades from here on buyback news, stronger revenues, higher rates, big deals is the most important factor for the sector.

Just remember: this is a sideways market in a sideways range. Doing anything big here seems kind of weird. I’m looking for a bigger decline to increase long exposure but still sitting with a natural outlook short term. Positioned slightly net short but mostly on gamma.