Why did oil rally to fresh new highs when the $USD was barely unchanged on the session? Because Goldman analysts were out early this morning pushing their new target of $85.00/barrel. Ha Ha! As if we've already forgotten about the commodity bubble. Anyone going long oil at these lofty prices is buying their shares from Goldman. My guess is that Goldman has a huge position in oil that they want to unload before the correction.Jobs data tomorrow in pre-market.
2 comments:
goldman are the kings of pump and dump! Recall their $200 crude oil target when crude was in the $130s??? classic goldman pump and dump!
Thanks Stewie,
Yeah, "pump & dump". That's the term I was looking for!
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