I won't copy and paste it (just link it), because Landis might get upset if I did, and when he gets upset, it makes me upset, because I like seeing him happy. Anyways, here's the link. Goldman isn't so infallible after all. I'm thinking we're going to find out very soon that Goldman is far for fallible than what we've been led to believe for some time. Just a hunch. Oh, and when they start liquidating their commodity positions to shore up cash, look out below. http://www.bloomberg.com/apps/news?pid=20601087&sid=aVHPAgvWf938&refer=home
Financial stocks had fallen 18 percent since the May 5 upgrade, Goldman said, as investors grew increasingly worried that more lenders would cut their dividends and conduct dilutive capital-raisings as losses mounted from mortgages and other debt. So they upgrade the financials on May 5th, 49 days later they are down 18% and then decide to downgrade them....they really know what they are doing. Lets see where the Financials are by August 11th and see how well this call goes. XLF is trading at $21.45 close on August 11th: $??.??
Can there really be people out there that actually still believe Wall Street and take their advice at full value? haha
If you understand how the trade desk operates at Goldman, you will understand. They are probably short SP and want a flush in the financials so they can get it on the cheap.
Got their best clients and institutional money out of financials on May 5th using the upgrade Now getting best clients and money into financials on the downgrade. obvious no?
David Kostin was the same analyst replacing Abby Cohen as chief strategist and predicting S&P at 1165 for the first half of this year....funny guy...he shall work in a circus rather then in an investment bank !