Thursday, 22 October 2009
GS going against the commodity bulls?
Good story over at Metal miner about GS cutting it's trading exposure to commodities. They seem to have done this by cutting their VAR to $27 million and reduced hiring in their commodity department. Think the most interesting thing about this recent run up in commodity prices is the failure of Copper to join in. A weakening USD has failed to re-ignite the rally in copper and many leading commentators believe Copper to be a good indicator of where the commodity prices could be in Q4 i.e stagnant or falling?! Either way My Long Crude oil trade is still paying dividends and I am targeting a exit price of $83 from an entry of $76.2
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Oil has been rangebound for a few weeks now. I agree with your calls, they seem to have been validated
ReplyDeleteRussell it is range bound at the moment, personally I'm waiting for a break up or down to re-enter and clear some mint to help my Audi R8 fund!!
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