There are Two Sides to Every Trade
Morgan Stanley is bearish on commodities while Goldman Sachs is in the bull camp. If everyone is bullish it makes it difficult for a bull market to continue as there is no investment capital left to plow into the sector.
Everyone wants to make a name for themselves as the bubble busting analyst but it is too soon for that kind of call.
``The mega-run for commodities has run its course,'' says Stephen Roach, the New York-based chief global economist at Morgan Stanley, the world's biggest securities firm. Roach in May said the surge in oil and metals was a bubble about to pop.