Sunday, August 24, 2008

Goldman's "fairy tale" on oil

On July 18, Goldman touted oil with a year end target of $149. Why? The day before, it fell $5.31 to $129.29.

A month later, when oil was trading at $116, Goldman re-iterated it's $149 oil pump, and crude hit $121. Friday, Brent crude traded down $6.24 to $113.92.

Now that Goldman's oil call has been emasculated, it looks like we'll have to wait another month for Goldman to come up with another reason why oil should be at $149.

And unlike the boy who cried wolf, maybe the next time, we'll have a different reason from Goldman.

Our trading positions are under water!

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