Five weeks ago, Goldman said oil was going to $85. It's now at $62.
And it was just one week ago, that Goldman Sachs was saying that Russia's economy "has reached or is rapidly approaching its turning point."
Supposedly Russia's improvement was coming from the increase in oil prices. As Austin Powers said to Alotta Fagina, "Come again?"
Now three weeks ago, Goldman upgraded China's growth estimates--GDP estimates went to 8.3% from 6%. Goldman, I'm sure, can assure the world that China's numbers are real. And that they are as accurate as China's death count in the Uighurs riots. Now we know China wants to hire 10 million more housekeepers to reduce the 40 million unemployed in China. I guess they are going to clean the empty buildings. I suppose that's better than rioting, as China's Hu Jintao can't even stay at a G8 meeting because of sectarian unrest.
So should we sell China? Sell it to Goldman, just like oil should of been sold to Goldman when they touted it to $85. China was down 2% in early morning trading, and then rallied to close up. The invisible hand of support shows up.
I don't buy it.
And it's time for some of the hot money to leave the building.
And make some room for the housekeepers.