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Earnings from brokers are starting to roll in and Goldman Sachs (GS) reported better than expected earnings but the stock sold-off. They reported trading gains of $5.59 billion which came from a variety of sources but commodity markets were notably mentioned but not detailed. Do you think they’d take money from the Fed and trade crude oil with it? That would be something but it wouldn’t surprise me. Those congressmen venting about those “dark” commodity markets would really have something to deal with. But, wait, GS are pretty friendly with those complaining loudest.
I’m still a little stumped by Friday’s rally given the thin news to back it up. The only thing to attribute it to was the oversold conditions of the McClellan Oscillator which can be a pretty reliable “tell”.
I won’t be posting again tomorrow as I’m flying from SFO to LAX for another conference. I hope to post again on Friday.
Have a pleasant day.