Yesterday Goldman launched the first salvo in the crude correction trade, telling clients to take premature profits on its CCCP (crude among others) basket as we reported previously. Today, Goldman sell-side energy analyst, once again completely unconflicted and ignorant of what is happening across the Chinese wall where all those former prop traders and now better known as "client facing associates" buy on behalf of Goldman's multi-billion balance sheet, has released his latest hit piece on oil.
Translation: Goldman is now buying Brent from its clients, aka Goldman 101. From Goldman's David Greely: A cyclically tight, but structurally stable oil market Over the past three years long-dated Brent crude oil prices have stabili... Read Post
Wondering what just took the carpet from under the commodity complex? Heeeeeere's Goldman. We are closing our CCCP basket trade, first recommended on December 1, 2010, for a gain of roughly 25% against our 28% target. This recommend... Read Post