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Rant & Rave Blog

Goldman Sachs Gets Upgraded, Goldman Sachs Upgrades Oil

Posted by InTheMoneyStocks.com Wednesday, June 03, 2009, 08:00PM ET

Read 189 times

Goldman Sachs Gets Upgraded, Goldman Sachs Upgrades OilNo sooner did the markets nearly drop off a cliff yesterday, and "those" that have been propping this market up late in the day with massive buy programs, save the day, then out come the big guns this morning.   Goldman Sachs raises the price target on oil for 2009 to $85 and to $95 for 2010.  In addition, Sanford C. Bernstein upgraded Goldman Sachs to Outperform from Market Perform.  As a trader that has been on the street for years and years, you almost have to find it comical.  I always loved when an analyst upgraded a company after it had risen over 100% from the lows. In any case, Goldman Sachs (GS) shares are higher by $3 pre market. The other comical thing I love is the upgrade on price target for oil by Goldman Sachs.  If I remember correctly, and documents will show I do, Goldman Sachs was the same firm that said oil was going to $300 near term last year when oil was at $140+.  Hmmmmm. Good call there no doubt! (sarcasm).  Having said that, we all know Goldman Sachs is king and we should all be careful going against what they say should it be a good old fashion...."off with their heads!"

Futures currently trade slightly higher into the open.


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