The shares of Salesforce.com (CRM: sentiment, chart, options) are down more than 4% in early trading after a bearish note from the brokerage arm of Goldman Sachs. The analysts today added CRM to their "conviction sell" list, revealing an emphatically pessimistic stance on the shares.

Goldman has good reason to be skeptical of CRM; the stock has plunged precipitously from its June peak near the 75 level, and recently retested its 2006 lows near the 22 region. While the shares caught a minor lift at this level, resistance from CRM's 10-week moving average is dropping through the 29.50 region. This trendline could cap any rally attempts during the short term.

Option players are also bearishly aligned toward CRM. During the past 10 days, the equity has garnered a put/call ratio of 3.26 on the International Securities Exchange, with bearish bets more than tripling their bullish counterparts.

However, some speculative investors are adding new call positions in today's session. So far, CRM's December 25 call has seen 1,652 contracts cross the tape on open interest of 1,100, which suggests that some of today's volume will translate to new open interest at this strike tomorrow.