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Jon Corzine: Commodities Correction 'Pretty Far Along'

In a Fast Money exclusive, MF Global CEO Jon Corzine reveals his forecast for oil and other commodities. Also his response to Dick Bove's downgrade of Goldman Sachs.

Commodities Sell-Off

When asked about the recent declines in oil, silver and other metals, Jon Corzine's comments suggest that he isn't terribly concerned. “I think we’re having a basic correction,” largely because the market moved too far too far, as it sometimes does.

“I think it got way over drawn and we had a natural pullback,” he says.

And, when asked how far along he thought we were in the commodities correction he replied “if you’re trading silver I think you’re pretty far along.”

In fact, Corzine is largely bullish. He goes on to say, “I happen to be reasonably constructive.” And he suggests it could almost time to hit the buy button.

“I’d be in the mode of looking for a time to buy oil. And I’d be looking for opportunities in things that are production oriented – things like copper and zinc, the base metals."

Goldman Sachs Downgrade

Corzine also talks about the Dick Bove downgrade of Goldman Sachs, the company at which he was once chief executive. As you may know, Bove said the stock is "not a good investment", citing pressure on the justice department to bring a criminal lawsuit against the firm.

”I feel good about the people who work there,” Corzine tells us. “I’m a holder of Goldman Sachsstock and I wouldn’t be a seller.”

This is an interview no investor should miss. Get all the details. Watch the video now!





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Trader disclosure: On May 12, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Finerman's Firm owns (M); Finerman's Firm owns (TGT); Finerman's Firm owns (WMT); Finerman owns (ESV); Finerman owns (JPM); Finerman owns (JPM); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Pete Najarian owns (PFE); Pete Najarian owns (MRK); Pete Najarian owns (AAPL); Pete Najarian owns (TCK); Pete Najarian owns (AKAM); Pete Najarian owns (C); Pete Najarian owns (HPQ); Pete Najarian owns (TEVA); Pete Najarian owns (MS); Pete Najarian owns (RSX); Pete Najarian owns (GE); Pete Najarian owns (MSFT); Pete Najarian owns (YHOO); Pete Najarian owns (VLO); Pete Najarian owns (TER); Pete Najarian is long (RIMM) calls; Pete Najarian is long (AVL) calls; Pete Najarian is long (NTAP) calls; Pete Najarian is long (XLF) calls; Pete Najarian is long (PMCS) calls; Pete Najarian is long (CVS) calls; Pete Najarian is long (XL) calls; Pete Najarian is long (BSX) calls; Pete Najarian is long (HBC) calls; Pete Najarian is long (EWZ) calls; Pete Najarian is long (XLI) calls; Pete Najarian is long (FCX) calls; Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (JPM); Terranova owns (V); Terranova owns (BX); Terranova owns (UPL); Terranova owns (BAX); Terranova owns (PFE); Terranova owns (PEP); Terranova owns (MCD); Terranova owns (TM); Terranova owns (DIS); Terranova owns (BJ); Terranova owns (APA); Terranova owns (OXY); Terranova owns (XOM)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
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Scott Nations
**No Disclosurses

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