Meredith Whitney came out swinging today on CNBC in what was a Godsend for the network. We saw a day on the network that started off with riveting commentary from The Real Housewives of New York on the floor of the NYSE, population 17. The rest of the day they repeated the all important story about Hemp and the outrage that we can only import it, not produce it. In between we heard from the Fast Money crew as they totally ignored their “buy the market at any level as long as your buying” diatribes from last week.” Larry Kudlow called his 7ooth bottom today citing easy money from the FED and “a good stock market” and tried to put mustard seeds back in the vernacular as green shoots have become the buzzword of the day. Larry, I have a newsflash for you, the market crashed “during” the easiest money period in history just last year. I’m convinced CNBC strives for mediocrity if not incompetence if only to stir the belly of people like me. But I digress.
Whitney was unyielding and truthful about her feelings on the financials, I agree by the way. She reminded people of her call to get out of the way after the stress test results and the earnings. She also reminded us that the group was still toxic, overvalued and will still be in need of more money going forward. She also threw in a dig at JPM saying if you think it will earn a buck, buy the stock. She also criticized Geithners pathetic attempt at “leaking” the results, so obvious. Whitney is no wallflower and she is fast becoming a shameless self promoter but who cares. Being right gives you that privilege I guess.
Was this a one day wonder? Were the finnies just letting out some much needed air, or is this the start of a rotation out of financials into something else? Will the financials rest through the summer and go out and get “fixed” before coming back? You have to admit WFC was a joke at 28, AXP at 29 and COF at 28.
I’ll be back later on the premium site.