October 31, 2007
Near-term Upside Potential Caution for Crude
Goldman Says `Take Profits’ After Crude Hits Record
“Goldman said it was closing its long positions in New York oil futures. Oil has gained 51 percent this year as hedge funds and other large speculators increased bets on rising prices. Net-long positions in New York crude futures in the week ended Aug. 3 jumped to the highest in more than a decade.”
So Goldman was a seller above $92 … makes sense when you look at the chart. The day trading folks I deal with have all shifted short in Crude, but they can turn on a dime so don’t read too much into it. Remind me next time I pick a top to say I’m just counseling “near-term upside potential caution.”
Cat: | Time: 10:55 am (utc+8)
October 31st, 2007 at 5:19 pm
as crude comes down, the loonie can have a nice bounce…yeah well, we talked this up already.. (-:
October 31st, 2007 at 5:28 pm
Peter: Yes, you’ve made the case for a USD bounce before. ;-)
October 31st, 2007 at 6:40 pm
who provides the charting/system in the chart? Who is Maria?
October 31st, 2007 at 7:14 pm
Jeff: Bloomberg. Maria is an old trading buddy.
October 31st, 2007 at 9:30 pm
I know it’s off the topic, but perhaps the King had six bodyguards this time because you were bigger than each of the other four he had last time?
October 31st, 2007 at 9:44 pm
Bill: Nah, those guys are all pros, small but highly effective, and they kept a close eye on me the whole time given my tendency to burst into song.
October 31st, 2007 at 10:12 pm
Your singing is that bad?
November 1st, 2007 at 1:27 am
I doubt Maria likes you telling everyone she is old. ;-/
November 1st, 2007 at 3:30 am
Now oil is up a quick $4. GS made themselves a nice little trade there.
November 1st, 2007 at 8:12 am
@Biff: She’s a beautiful mother of two teenage boys and one of the sharpest traders I know in Europe.
@Bhh: You think they weren’t acting in good faith with that call? ;-)
November 1st, 2007 at 2:35 pm
Oil is nice but alternative energy such as SPWR is nicer.
November 1st, 2007 at 2:57 pm
bionical: Is that something like candy is dandy but liquor is quicker? ;-)