It wasn't long ago when we reported to you that Goldman had been kicked out of at least one exclusive oil club. Now we hear the rumor that they are getting out of the oil price guessing game (at least the public version) all-together. Says FT Alphaville:
Goldman's latest commodities note is out, and this is all you need to know:Closing our oil trading recommendations Although we have emphasized in the past few weeks that continued weak oil demand exacerbated by constrained credit conditions will contribute to soften near-term fundamentals keeping WTI prices, timespreads and gasoline cracks under pressure, we have left our oil trading recommendations open, expecting that high volatility would provide a better exit point to our trades. The volatility in the past few weeks has mostly been to the downside and the pressure on the oil complex has increased. In the near term, we do not expect significant upside potential and as a consequence we are closing all of our oil trading recommendations.
Odd, we can't find the "note" in question. Anyone else out there see the smoking research report?
It's official, Goldman capitulates on oil [FT Alphaville]
Posted by guest , Nov 20, 2008 3:26PM
first
Posted by guest , Nov 20, 2008 3:26PM
too long
Posted by guest , Nov 20, 2008 3:26PM
first
Posted by guest , Nov 20, 2008 3:28PM
Now I'm really fucked. I truly have hit rock bottom.
http://img505.imageshack.us/img505/8485/holyshitwo1.jpg
SPODE
Posted by guest , Nov 20, 2008 3:29PM
That's a lotta oil for your Hannukah lamps, GS!
Posted by breastmilk2percent , Nov 20, 2008 3:30PM
Disclosure: Short GS, Long Dick.
Posted by guest , Nov 20, 2008 3:32PM
Goldman Sachs... more like Old Man Sacks if you ask me!
Posted by guest , Nov 20, 2008 3:35PM
Knowing Goldman, they must have been short since 145 and after covering, they are about to go long right now. As usual, clients are bag-holders.
Posted by guest , Nov 20, 2008 3:38PM
Bottom
Posted by guest , Nov 20, 2008 3:39PM
this mkt is depressing
Posted by guest , Nov 20, 2008 3:45PM
@10
This is why people go socialist.....Not that I'm in to that sort of thing.
Posted by guest , Nov 20, 2008 3:45PM
Well this sucks.
Posted by guest , Nov 20, 2008 3:46PM
#7, that is probably the lamest comment ever posted. why don't you go hurt your yourself with a sharp object for a while?
Posted by guest , Nov 20, 2008 3:47PM
wow...that was quite the plunge. Check out BRK, 5 times normal volume. Were people actually *trading* the thing today?
Posted by guest , Nov 20, 2008 3:47PM
There she goes fellas. Watching this market is like watching a little kid lose his grip on a balloon and watching helplessly as it floats away.
Posted by guest , Nov 20, 2008 3:50PM
@13 I think @7 was channeling his inner Billy Madison (Adam Sandler)..if not you're right
Posted by guest , Nov 20, 2008 3:51PM
So much for support at 775.
There she goes indeed.
So S&P below 700 by the end of the month?
Posted by guest , Nov 20, 2008 3:52PM
P/E 's lowest since '82. For most of you litle bitches that's before your dad ripped his condom thinking about a dude and had to marry your mother...
Posted by breastmilk2percent , Nov 20, 2008 3:53PM
Whomever is exposed to CMBS will be heavily shorted for the next two months. I don't know why anyone is surprised by this.
Posted by guest , Nov 20, 2008 3:56PM
@7 here, 16's got it.
Posted by guest , Nov 20, 2008 3:57PM
Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.
Posted by guest , Nov 20, 2008 3:59PM
Maybe you're all getting laid off because you keep posted on DB instead of working.
McCain '08!
Posted by guest , Nov 20, 2008 4:03PM
Goldman is full of shit - they are just pretending to be concerned with their 'no bonuses' bullshit - they and JPM are in a Labal to takeover the majority of the banking industry for their chinese overlords:
http://yourmortgageoryourlife.wordpress.com/2008/10/10/are-these-the-forging-fires-of-the-nwo-we-feel/
These guys have sold their souls to be in the good graces of our new economic masters...
(Ooh - sorry so scary!)
Posted by guest , Nov 20, 2008 4:04PM
Just because you're paranoid doesn't mean they aren't out to get you
Posted by guest , Nov 20, 2008 4:05PM
For what it is worth BRK at least hit its intraday low in the morning selling instead of when we drove the bus off the cliff this afternoon.
Despite all the bad press it actually ended less down on the day than the S&P.
Posted by guest , Nov 20, 2008 4:07PM
I meant Kabal not Labal - sorry.
And I would rather be paranoid than right ant day of the week...
Posted by guest , Nov 20, 2008 4:08PM
Damn you #8! Stole my comment.
I would not put it past them to be short their own shares at clients expense.
...and it does not matter if you are paranoid or not, they are out to get you.
Sun Tzu was a sissy.
Posted by Harald , Nov 20, 2008 4:12PM
Rememver this is the GS desk that in June was predicting $200-300 barrels by summer 2009
Posted by guest , Nov 20, 2008 4:14PM
Never work for an exec who quotes Sun Tsu. Pack your shit and find a new job. You'll have to sooner or later.
Posted by guest , Nov 20, 2008 5:18PM
Well this is certainly the most laughable thing in this unlaughable time. These aholes were the Blodgett of oil with the modern day Braverman and Noto being Simmons and Petrie (and throw in T-bone as well). One of these buttholes even went to $500 price target near the peak. EP - - do we know yet who the 90% speculator in oil was near the top - - have to think it was the author of the fabeled 'super-cycle' targets
Posted by guest , Nov 20, 2008 5:23PM
Probably won't see below 700 at end of month.. More like we'll get another bear market rally soon and then get killed again in mid December.
Posted by guest , Nov 20, 2008 9:08PM
@30
I thought it was Morgan Stanley. But what's the difference between MS and GS? OK, the quality of the free toaster to open a free checking account.
Posted by guest , Nov 21, 2008 2:09AM
@18 Sure P/E's low, unless of course the E falls off a cliff soon.
Posted by guest , Nov 21, 2008 3:58PM
MarketWatch psreading Joy to All:
http://www.marketwatch.com/news/story/well-great-depression-2-2011/story.aspx?guid=%7BB28B49B5%2DEFD1%2D4941%2DB57E%2DA2BA1545BA09%7D