Goldman Stolpered Out On Short GBPNOK, 2.2% Loss In 3 Weeks

Tyler Durden's picture

Earlier today, in the very appropriate context of Greg Smith, we lamented the resent disappearance of everyone's favorite FX strategist, Thomas "9 out of 9" Stolper. Speak of the squid - here he is, this time advising clients they just got Stolpered out on short GBP/NOK with a 2.2% loss in 3 weeks.

On 22 February 2012 we recommended going short GBP versus the NOK, partly on the assumption that Norges Bank would have little room to cut rates after recent data showed very strong growth momentum and much less disinflation than feared.

 

Having already cut by 50bp at the end of last year, we did not expect any additional easing.

 

In the event, Norges Bank did cut rates and hence removed the underlying rationale of the recommendation.

 

We close our short GBP/NOK for a potential loss of 2.6%, including carry.

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Hard1's picture

AS clearly stated by Greg Smith, they recommended the trad to suckers er. customers so that their trading desk could unwind their postion

VanceEva1's picture

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Cognitive Dissonance's picture

Missed it by >that< much.......again and again and again and again.

At least they are consistent.

http://www.youtube.com/watch?v=oPwrodxghrw

LongSoupLine's picture

and the Muppets will keep buying...

Acet's picture

True, there's a sucker born every day, but Goldman is going through suckers so fast they'll be targetting babies in a couple of months.

dark pools of soros's picture

is Goldman stealin E-Trade clients?

Manthong's picture

Squids are only human.. right?

I am a Man I am Forty's picture

short term trading in currencies is hilarious to me

Zero Govt's picture

Yes, Rob Prechters Elliott Waves 'currency specialty service' is also equally hilarious

9 wrong out of 9, meet 9 wrong out of 10

Fidel Sarcastro's picture

Stolper is screwing over the client base so hard, he's surely in line for a promotion.

Sudden Debt's picture

Luckely, the calls that Goldman bought for themselves traded up and made sure GS doesn't suffer from their clients mistakes.

 

Dr. Engali's picture

Boy CNBC sure can't get enough of gold and silver being down.

dark pools of soros's picture

have they changed the term gold-diggers to stock-stashers yet?  or just using the time tested money-grubber?

Quinvarius's picture

Ringing the bell at the bottom like Quasimodo on Easter at the Vatican. 

I suspect there are a lot of people who are terrified at the Treasury market collapse.  A little paper raid probably makes them feel better.  But, the endgame is gold well over 10k to stave off a systemic collapse...which appears to have begun in earnest.

g3h's picture

How can this guy keep his job? 

Ah, he is paid to do so.

Zero Govt's picture

mis-leading clients: a specialty at Goldman Sucks

(just ask the Libyan Wealth Fund)

I am a Man I am Forty's picture

And Apple is up around 12% since ZH's "iDisappointing" post

bugs_'s picture

don't blow your customers up

LeBalance's picture

hookers/terrorists/inflationists/ManwiththeGoldenGun/lol

Yen Cross's picture

 Time for another client "field trip", to the SouthPark planetarium!

Zero Govt's picture

"..we lamented the resent disappearance of everyone's favorite FX strategist, Thomas "9 out of 9" Stolper."

Chucklefest :))

..at least i now know i'm not (quite) the worst FX trader.. phew!

Yen Cross's picture

 Hey Slewie you might want to start looking at eur/chf now. Carry $'s are moving into the chf just like the yen.

Curtis LeMay's picture

 

On 22 February 2012 we recommended going short GBP versus the NOK, partly on the assumption that Norges Bank would have little room to cut rates

 

March 14, 2012, 11:41 a.m. EDT

Krone tumbles on Norway rate cut, Central bank cites strong currency. The currency tumbled after Norges Bank cut its key policy rate by a quarter of a percentage point, to 1.5%


http://www.marketwatch.com/story/krone-tumbles-on-surprise-norway-rate-cut-2012-03-14?link=MW_latest_news

How does Stolper still have a job at Goldman, or anywhere else for that matter?

Mind you, he makes a lot of money for ZH'ers who know all about him, but still...

 

 

Catullus's picture

More of that exceptional service.

ZeroIQ's picture

Where can i find this Stolper guy's advices?

cnhedge's picture

 

this is humiliation!

 

This is why Fed should ease further.

 

http://www.cnhedge.com/thread-3032-1-1.html

http://www.jinrongbaike.com/