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Has Goldman Become The Best Contrarian Indicator?
Anecdotal evidence that Goldman's prop group enjoys doing the opposite of what its sellside recommends and clients do is one thing. Having become the laughing stock of the investing world, in which everyone does precisely the opposite of what Goldman advises its clients to do (but according to Andy Sorkin, the clients just love the firm), is something totally different. The latest example is Goldman's call from June 9 for a 1.15 target in the EURUSD. "Oddly" enough, the pair has gone diagonal since then... in the opposite direction. With every stop in the trade now triggered, is it time for the firm's Long Term strategists to reevaluate their call, not even a full 168 hours since the first abysmal recommendation? We hope the lesson here has now been learned: as we suggested a week ago: "Thomas Stolper is officially advising clients to sell their euros to
Goldman. There is no clearer signal to buy the beaten down currency." Looking at the chart below, never doubt the dodecatuple reverse psychology of the squid.
full GS report
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Could Goldman be right this time?
This is either a good sign, a bad sign or nothing. I can't decide.
http://news.yahoo.com/s/ap/us_lightning_strikes_jesus_statue
The son of a bastard just won't stay dead.
LMAO! Touchdown Jesus, lol.
never doubt the dodecatuple schizophrena of the squid
Any trader with half a brain could see this move higher coming. This just shows how stupid and gullible Goldman's clients are. The EUR/USD was waaaaaay oversold on the weekly.
But all this is, is a technical bounce. As I said in the volume post this is just resetting the technicals for the next big move down.
http://s873.photobucket.com/albums/ab298/johnlaw1/?action=view¤t=e...
Tyler
It is dodecatuple+1 in months that do not end with "R" Keep your facts straight.
Weird ass day, VIX down, everything else up. Gold, stocks, euro going up in tandem, yen not doing much of anything.
Oil heading back to 80. Enjoy your summer vacation.
The black canary sings again!
And don't forget about this one...
http://www.zerohedge.com/article/latest-eur-smackdown-comes-courtesy-bof...
"...is it time for the firm's Long Term strategists to reevaluate..."
No, it´s time to fire the Long Term STRATEGISTS ;)
ALL GLORY TO THE HYPNO-SQUID!
Score a perfect 10 for the Hypno-Toad, I mean Hypno-Squid!
I loved Futurama, I even named my cat Nibbler. :-D
Doing god's work
Amen.
Gods work according to the squid sure involves a lot of public deception.
God bless ZH
and may the world come down on GFS with everything its got
Can you send this to BP who just hired them?
I think GS has had their info lines to the Fed and Treasury cut. With no actual talent, they are either a chop shop or the dumb money. If they are the dumb money, they will eventually become the chop shop due to serious character flaws. So I vote chop shop.
It's about time for a Goldman EURO 1.30 prediction, that will sink it back down to 1.15
Play accordingly.
There is a very useful indicator for the Euro.
It's the Euro Index published daily by the ECB trading today at 101.19
http://www.ecb.int/stats/exchange/effective/html/index.en.html
If Goldman will say that their clients should buy Gold, will ZH commentary be
"Even Goldman now gets it that you should own Gold..."
or "Sell all your gold now."
Well, you'd have to ask: short term or long term?
Gold actually has intrinsic value in its rarity as a fundamental element of nature. Euros and Dollar Bills are as intrinsically valuable as Confederate currency.
So if Goldman suddenly advised its clients to buy gold, I think that would be a strong signal to sell if you are worried about the IMMEDIATE value of your gold in fiat currency. (i.e. you are a TRADER.)
But long term, nothing Goldman says either way will matter to an INVESTOR. You know, those people who used to trade in markets based on the fundamentals of the value of things. Sure miss those guys.
So you've never been to the racetrack? Goldman probably earns more fees for funds under management, ergo their multi-tiered investment advice. Did you think the touts were going to put their $100 winner on the same card they sell the suckers for two bucks?
And of course having a legitimate cause to publish conflicting opinions in no way makes you The Lemon Drop Kid, a short story by Damon Runyon, played by Bob Hope in the movie. It does allow you to be all things to all people, the primary symptom of political narcissism. and I do think that after the next flash crash Goldman will own the entire US government, including the Obama children's swing set.
That's why these CEOs are running in CA. They know the boat race is about to begin. Just for poetic gander, which two horses are the darling of the thoroughbred world? Zenyatta and Rachel Alexandra. Learn to love the squid, when he puts his tentacles around the rest of the global economy, the tribute will come rolling home. On top by a dozen lengths.
Wow, good call Tyler...
I wonder if this has potential for 1.30 or not
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