Goldman Sachs Turns Positive on the Session; Market Buy Signal? (GS, SPY)

Shares of Goldman Sachs Group GS are currently higher on the session by 0.13%, at $135.24. The stock was down to $133.11 earlier in the session, but has been battling back throughout the entire trading session. Given the heavy overhang from potential financial regulation reform, and the fact that Goldman Sachs may be specifically in the crosshairs, I find that GS trading positive may be a signal that the market is oversold and due for a pop. It also helps that the S&P 500 SPY is now trading at the lower end of its recent trading range, giving momentum traders the wherewithal to put money to work with specific stop losses. Traders should consider selling a bit of volatility via 1x2 puts spreads for credits and buying some high beta names before the closing bell. With a sharp stop loss, the probability of gains is high.