I wrote yesterday about my Ford (F: chart, web, Y!) strategy; $3/share was the target while looking to capitalize on the pull back in overall market conditions on Monday.

No dice.

Ford never hit my price target, and it’s swung up by nearly $1 per share through the first two hours of trading today.

Goldman upgraded Ford this morning, noting that the company is best positioned to capitalize on the restructuring of the auto industry.  I concur, but I’m still concerned about the unintended consequences of restructured contracts in bankruptcy at GM forcing Ford’s hand to remain in line with wages and expenses.

Goldman sees a near term price target of $6/share, and I think that’s reasonable.

It’s clear, looking at the volume that many people took this opportunity to jump in.  I’ll continue to wait, although I will revise my buy target slightly as it’s clear that the major players are starting to notice Ford’s relative health compared to its competitors.

Investing F, Ford