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]
first
too long
first
Now I’m really fucked. I truly have hit rock bottom.
http://img505.imageshack.us/img505/8485/holyshitwo1.jpg
SPODE
That’s a lotta oil for your Hannukah lamps, GS!
Disclosure: Short GS, Long Dick.
Goldman Sachs… more like Old Man Sacks if you ask me!
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.
Bottom
this mkt is depressing
@10
This is why people go socialist…..Not that I’m in to that sort of thing.
Well this sucks.
#7, that is probably the lamest comment ever posted. why don’t you go hurt your yourself with a sharp object for a while?
wow…that was quite the plunge. Check out BRK, 5 times normal volume. Were people actually *trading* the thing today?
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.
@13 I think @7 was channeling his inner Billy Madison (Adam Sandler)..if not you’re right
So much for support at 775.
There she goes indeed.
So S&P below 700 by the end of the month?
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…
Whomever is exposed to CMBS will be heavily shorted for the next two months. I don’t know why anyone is surprised by this.
@7 here, 16′s got it.
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.
Maybe you’re all getting laid off because you keep posted on DB instead of working.
McCain ’08!
Just because you’re paranoid doesn’t mean they aren’t out to get you
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.
I meant Kabal not Labal – sorry.
And I would rather be paranoid than right ant day of the week…
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.
Rememver this is the GS desk that in June was predicting $200-300 barrels by summer 2009
Never work for an exec who quotes Sun Tsu. Pack your shit and find a new job. You’ll have to sooner or later.
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
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.
@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.
@18 Sure P/E’s low, unless of course the E falls off a cliff soon.
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