Thursday, June 04, 2009

Technical Picture - Another Yawn

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:

Stewie said...

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!

Jamie said...

Thanks Stewie,

Yeah, "pump & dump". That's the term I was looking for!