....just saw the news on Bloomberg TV. I have to laugh -- when it was heading up, they were all screaming $150! 150! 150! Now that the economies are tanking, they're coming in at $70! 70! 70! How much do you want to bet if/when the DJX crosses 10K they raise oil over $100 again? The herd mentality strikes again. Similarly, last week S&P downgrades GM's credit, and does other 'rating' changes that it's known for as a 'ratings' entity. Ooooh----Ahhhh, cue the spooky music!! Puh-lease. These guys have lost all credibility in the world of financial 'information' or 'analysis' and yet folks still listen to them? I swear, anything said by nearly all Street analysts in the past several years has been an absolute joke, and the more I learn about the markets, the more pathetic/sad/scary it is that their 'analysis' still holds so much sway in the investing and news world. [1] Sorry for the rant. [1] This past summer, I read a great book on the matter of Street analysis called "Full of Bull" ... well worth the reading, if you want confirmation of how shady/sleazy the Street 'analysis' community is.
I agree with that 100% and I havn't even read a single page yet. Analysts are as good as the matter I place in the toilet. I am convinced that these clowns throw darts at a dartboard when picking these price targets. After all, just like the clowns at S&P, they need to justify their salaries. Quite frankly many fund managers will tell you that they give no weight to price targets.
Goldman gave out an oil target of $200 a few weeks before the final top. I bought some DUG soon after their call knowing that it was the final push - just enough push for Goldman and their like to dump their contracts onto the naive herd. I hope their stock keeps dropping - they deserve to be punished for their B/S 'anal' ysis .
After the analyst scandals of the .com era they have kept it at ever decreasing lenths of an arm between the traders and the analysts. They keep moving the line on the regulators and it has gotten to within the 2nd knuckle of a pinky as the regulators are busy elsewhere.
This carnage proves beyond a doubt, that these dix on Wall Street are the most grossly overpaid morons ever to walk the earth
These people, the ceo's of wallstreet financial companies get paid hundreds of millions of dollars a year and they weren't smart enough to foresee and prevent the problems they have caused to the economy and this country and they can't even the direction of the price of oil right....BUT they are smart enough to know how to swindle american taxpayers a hundred different ways....they know how to do that quite well.