Tuesday, March 30, 2010

GoldmanTax...I mean sachs...and the EURO

First, on March 12,  they recommend buying the euro at around 1.38 with a stop at 1.35 (I presume that means they were shorting) then they recommend selling the EURO short at 1.34 with a stop at 1.35 (I presume that means they were buying)...last night Goldman made their money and anyone who listens to their research got what they deserved for doing business with BlankMadoff-fein. 

Is this crap ever going to stop.

Here is the buy call March 12, 2010
Combining these factors, we think EUR/$ has the potential to rally from here towards our 3mth forecast of 1.45. We would go long with a stop on a 1-day close below 1.35.

Here is the short call March 24, 2010
The probable close today below 1.3430 should herald a fresh leg of weakness following 7 weeks of 1.3430/1.3840 action . Whilst positioning was light 24 hours ago we have seen it build sharply in the past few hours  but this does not feel like a crowded trade . We are playing this from the short side and would look upon a rally back to 1.3420 as a selling opportunity. Stop can be placed above 1.3500 . Its hard to know how far this move can extend but a target of 1.3100
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