Monday, May 11, 2009

Where's the Whitney memo?

Where's the memo where Meredith Whitney got bullish?

Today on the floor of the stock exchange, she was hyperventilating with the hyperventilator in chief, Maria Bartiroma...where meredith said this:

"Fundamental investors invest on the rules of the market...thinks that I never imagined in my lifetime, we're seeing...crazy positive momentum based on no fundamental fundamental improvement."

Now she's saying she called the rally in the bank stocks, in her interview with Maria! If she called the rally in bank stocks, why did she sound so desperate and shrill?

This "fundamental" analyst, wants us to believe that she said bank stocks would rally, when things that she had never imagined would happen, with zero fundamental basis behind it?

On April 5th, she came out with her bearish report, "The Agony of Incrementalism"

She gave a one sentence statement, in all her April 6 interview with Maria Bartiroma.."I'm not bullish by any measure on the financials, but you have to be careful pressing shorts here....I'm so chicken, because I'm fundamentally so bearish about the core liquidity fundamentals that for me to go out on a long, would be, uhm, I'm not ready for that, I'm not ready for that...No. No way."

In fact, the WSJ had an article, how she scared investors in bank stocks on the day she had the interview with Maria because she said housing prices would fall another 30%

The next day, Meredith said those investors that hoped this was the bottom, "just get disappointed, time after time again" on the Business News Network, in an interview titled: Bear Attack.

On April 13 her report was "Ring of Fire: The Beat (Down) Goes on."

But now she says she called the rally.

Looks like, for once Maria really did have breaking news.

But this time, it's breaking news that no one believes!

I guess the Whitney memo was written on the back of a Zyprexa scrip!

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