Since Goldman Sachs released its stellar earnings, the stock has traded sideways. You could argue that there is always a sell-on-the-news impulse, but at least one analyst is exploring the earnings in a bit more depth. Some think there was "softness" in investment banking. While Goldman again ruled the league tables and revenue rose 42 percent on an annual basis, it rose only 4 percent on a quarter-to-quarter basis. The other arguable soft spot was asset management. Revenue rose 16 percent annually, but slipped a bit from the previous quarter. Also, the company's VAR inched up 7 percent after a decline the previous quarter. All that points to the issue of proprietary activity. This looks to be the key every quarter going forward. So while the stock may rise, one would not be surprised if the multiple remained flat to down.  

For more:
- here's an analysis by Indie Research
- Read this for more on the earnings.