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Crude Now Higher Than At Goldman Downgrade

Tyler Durden's picture

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Wed, 04/20/2011 - 13:21 | 1188877 TruthInSunshine
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Goldman's accuracy in forecasting or making calls of any type has been remarkably crude for some time.

Wed, 04/20/2011 - 13:41 | 1188978 firstdivision
firstdivision's picture

They wanted it to drop so they could stock up on OTM contracts on the cheap.  They value their prop trading over clients expectations.

Wed, 04/20/2011 - 13:42 | 1188990 TruthInSunshine
TruthInSunshine's picture

I heard they have a long standing tradition of using an Abacus when counting profits from contra-client trades.

Wed, 04/20/2011 - 13:52 | 1189049 Forgiven
Forgiven's picture

Abacus - Correct.  The slide rule was far too complicated for them.

Wed, 04/20/2011 - 15:48 | 1189607 What does it al...
What does it all mean's picture

Not true, it was 113+ when they downgraded it.

Wed, 04/20/2011 - 14:21 | 1189184 MarketTruth
MarketTruth's picture

OF COURSE the vampire squid Goldman Sachs wants to abuse their clients to profit on their own company books. In a word, DUH!!!

Why anyone would trust Goldman Sachs when they have repeatedly abused their own clients is beyond me.

Wed, 04/20/2011 - 13:21 | 1188880 SheepDog-One
SheepDog-One's picture

Doing Gods work.

Wed, 04/20/2011 - 13:41 | 1188977 Spastica Rex
Spastica Rex's picture

If your god is Cthulhu.


Wed, 04/20/2011 - 13:44 | 1188986 SheepDog-One
SheepDog-One's picture


Wed, 04/20/2011 - 17:50 | 1190121 spiral_eyes
spiral_eyes's picture

my god is cthulhu

Wed, 04/20/2011 - 13:50 | 1189028 tmosley
tmosley's picture


Wed, 04/20/2011 - 13:21 | 1188881 dough eating squid
dough eating squid's picture

OT: Happy 4/20 btw

Wed, 04/20/2011 - 13:19 | 1188883 Silver Bug
Silver Bug's picture

The great Goldman downgrades. They are always so accurate!



Wed, 04/20/2011 - 13:23 | 1188903 redpill
redpill's picture

I jumped in UCO a few days back after the consolidation.  Going nicely now.

Wed, 04/20/2011 - 13:27 | 1188908 Blooter
Blooter's picture

How do these people still have clients.

Wed, 04/20/2011 - 13:41 | 1188969 cossack55
cossack55's picture

"If the Squid you heed,

 your wallet will bleed"

Wed, 04/20/2011 - 14:25 | 1189197 nope-1004
nope-1004's picture

They don't.  They're a proxy house for US gov't economic data manipulation.  They wanted to try to convince the masses that there is no inflation by pulling comods back, meanwhile they bought with both feet the modest dip they created.

White-collar crime continues.  Bonuses in the name of fraud.  Nice life.



Wed, 04/20/2011 - 13:25 | 1188910 Bubbles the cat (not verified)
Wed, 04/20/2011 - 13:29 | 1188916 The Axe
The Axe's picture

I think you should give Goldman Sucks a month at least Tyler....fair play and all.

Wed, 04/20/2011 - 13:28 | 1188921 ZeroPower
ZeroPower's picture

lol @ silver drop

Wed, 04/20/2011 - 13:32 | 1188927 Tyler Durden
Tyler Durden's picture

Margin hike rumor spread. Now people realizing it was bogus (for now).

Wed, 04/20/2011 - 13:38 | 1188954 The Axe
The Axe's picture

anything that drops like that..shows the chart is extended..and a real lack of bids..just like every other thing in this market...downdrafts can happen fast and ugly.

Wed, 04/20/2011 - 13:37 | 1188961 redpill
redpill's picture

We're well due for a consolidation anyway, the latest run has been a rocketship.

I'm taking a breather on AGQ for a bit.

Wed, 04/20/2011 - 15:02 | 1189400 ZeroPower
ZeroPower's picture

Thx. If rumour causes a BTFD situation, safe to assume what happens when rumour becomes truth...

Wed, 04/20/2011 - 13:35 | 1188949 Piranhanoia
Piranhanoia's picture

It's the masochism tango. The client truly enjoys being abused. What else might explain the repeatidity?

Wed, 04/20/2011 - 13:40 | 1188974 Flakmeister
Flakmeister's picture

Yeah... crude will get hammered on the roll... my ass. The roll has been basically flat for 9 months now..

Wed, 04/20/2011 - 13:44 | 1188985 Sudden Debt
Sudden Debt's picture

At least we got to fill up our car a bit cheaper last weekend...

Wed, 04/20/2011 - 13:45 | 1188992 Sudden Debt
Sudden Debt's picture

If you think silver is expensive, it costs 3 ounces to fill up my car for 1 week

Wed, 04/20/2011 - 13:43 | 1188996 Diogenes
Diogenes's picture

Reminds me of a story from Reminiscences of a Stock Operator. This guy gave a friend a hot tip on a stock, right from the feed bag. Unfortunately the stock bombed. So he gave his friend a wide berth until one day he caught up with him before he could disappear. The friend gives him a very large "Hello!" and "thanks for the tip".

The tipper said "But didn't that stock go down after I told you to buy it?"

The tippee says "And I sold it short. I always make money coppering your tips. Always!"

The tipper goes "If I had your brains I would be a millionaire."

Wed, 04/20/2011 - 13:50 | 1189034 ShaneAshton
ShaneAshton's picture

A corporation trying to make money on the backs of their clients?????

Now that's crude (pun intended)

Wed, 04/20/2011 - 13:53 | 1189039 CrashisOptimistic
CrashisOptimistic's picture

And so we see

Speculators . . . are the only thing holding it down.

It's going to get much, much worse.  There is an enormous amount of lying going on.

Wed, 04/20/2011 - 13:52 | 1189041 alien-IQ
alien-IQ's picture

once again. Goldman gives it to their "customers/clients" right in the ass. Ain't the free market grand?

Wed, 04/20/2011 - 14:02 | 1189067 CrashisOptimistic
CrashisOptimistic's picture

Not to worry.  As soon as the President's re-election campaign managers assimilate this new surge and understand it thoroughly, it will become clear that more civilians are being murdered in Libya and direct intervention will be deemed compassionately necessary.

Wed, 04/20/2011 - 14:03 | 1189076 gkm
gkm's picture

As usual it was just a shout through the Chinese wall for their traders to do the opposite.  Say 'super spike' three times fast and click your heels.

Wed, 04/20/2011 - 14:13 | 1189123 Archimedes
Archimedes's picture

Follow Goldman at your own Peril. If you sold at the advice of Goldman you deserve to lose!



Wed, 04/20/2011 - 14:17 | 1189145 CrashisOptimistic
CrashisOptimistic's picture

Goldman has no control over geology.

In the end, geology wins.

Wed, 04/20/2011 - 14:46 | 1189307 Eric Cartman
Eric Cartman's picture


Wed, 04/20/2011 - 14:45 | 1189309 Eric Cartman
Eric Cartman's picture

And is Goldman's stock price lower than a week ago.... yes

Wed, 04/20/2011 - 14:54 | 1189356 r101958
r101958's picture

They (TPTB) have been trying to hold down everything....but they can't. Today, the goal is to keep gold below 1500 and silver below 45 to end the day. They may succeed. But doing so has kept them from driving the price of oil down. Hey, there is only so much tax payer future money to work with.

Wed, 04/20/2011 - 14:55 | 1189361 r101958
r101958's picture

.....and I smell desperation.

Wed, 04/20/2011 - 15:05 | 1189397 ebworthen
ebworthen's picture


CNBC cheeleaders were talking about the "strength" of the markets this morning as the cotton candy spinning was +190 on the DOW.

I sat and waited for the tickers at the top of the screen to finally show me what Oil, Gold, and Silver were doing; all three were up as much as the markets and I laughed and turned off the T.V.

Will the insanity never end?

And...the dollars that anyone is going to get out of the S&P or DOW will be worth how much less than when they were put in? 

And..those dollars will be taxed at what higher rate(s)? (that is...if you can get them out of the markets when you need/want them).

The Wall Street Wonka Factory - Fudge, Taffy, and Cotton Candy!

Cue Jamie Dimon as Willy Wonka and Ben and Timmy and the gang as Umpa-Loompa's.


Wed, 04/20/2011 - 15:04 | 1189415 r101958
r101958's picture

Exactly, guess who gets to pay for all this propping up of the markets and shorting of certain commodities........you got it, all of us.

Wed, 04/20/2011 - 15:05 | 1189407 slaughterer
slaughterer's picture

I have to confess >> as someone who took GSs recommendation, I am currently underwater in my oil portfolio.  Stupid me.  Should have listened to the Morgue.  It almost seems like a pissing contest between GS and JPM on oil at this point.

Wed, 04/20/2011 - 15:08 | 1189420 The Count
The Count's picture

Conclusion: You can't polish a turd nor can you expect any advice from GS that does not only benefit themseleves.


PS: Blankfein, I will see you in hell.

Wed, 04/20/2011 - 15:13 | 1189430 r101958
r101958's picture

Just a question.......does anybody here think that the TPTB will ever admit that there is a peak and decline of oil production? IMO no, they won't. Why? Because of the havic that it would cause in the markets and society in general. So, how do you keep things going? ....think extend and pretend, using somebody else's money. Has anybody here seen the patterns of this game over the last two years? Not enough energy to continue exponential growth to service debt etc. But, we can't address the real problems because if we do then we get chaos.

Wed, 04/20/2011 - 15:34 | 1189498 Diogenes
Diogenes's picture

They didn't call it that but peak oil or declining oil supplies was one of the big causes of the 1970s. When Alaskan and North Sea oil came on stream in 1980 it faded away and the good times, and SUVs rolled again, for a while.

It is unbelievable how short sighted people can be and how short the collective memory is.

Wed, 04/20/2011 - 15:30 | 1189519 ebworthen
ebworthen's picture

Some theorize that this is why we are buying from the Middle East versus drilling our own oil.

That way, when the SHTF and there is World War over remaining Oil we will have enough to fight with and grow food.

Of course, why then are we letting anyone (China, Brazil, etc.) drill within 200 miles of our coast or even the Gulf of Mexico?

Sellouts - I think the powers that be (TPTB) are sellouts and have no allegiance to anyone and will buy their way into paradise or be dead and not care.

Wed, 04/20/2011 - 16:11 | 1189727 r101958
r101958's picture

If that is the case then they have really orchestrated a really nice decline curve that lines up really nice with Hubbert's curve. Any increase lately has come from un-conventional sources which are much more expensive.

Wed, 04/20/2011 - 15:47 | 1189616 CrashisOptimistic
CrashisOptimistic's picture

Production doesn't have to decline to crush everything.  It need only grow slower than consumption / demand.

And it is.

Wed, 04/20/2011 - 16:10 | 1189742 r101958
r101958's picture

Right now we are on a plateau...but only because they are now including unconvention oil production with conventional production.

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