Dick Bove: Goldman Sachs is a Buy After Charges ($GS Chart Channel Now $150-190)

Dick Bove of Rochdale Securities thinks Goldman is a buy after the SEC fraud charge on Friday (video courtesy of FoxBusiness). He said clients will not stop trading with Goldman. Careful though, Bove said Lehman was a "buy" in August 2008 a month before it went bankrupt. Look how GS stabbed through the 50 day (166.96) and 200 day moving average (167.41). $150-$190 looks like the new trading channel for now. GS closed at 160.70 (-12.79%) on 101 million shares, the most since the 2008 banking crisis. The GS knife wound needs to heal but I'll keep watching it.

Previous posts on Goldman:

1) Goldman Sachs Charged With Fraud By SEC Over Shady CDO Dealings (ABACUS CDO Tied To Subprime Mortgages)

2) Goldman Responds To SEC Complaint