Meredith Whitney's Move Called the Bottom
Looking back, this move by the Glamour Girl of the Financial World to create her own advisory firm was right at the bottom of the market. She has long to the harbinger of bad news for financial so I had speculated at the time that this was a sure sign of the bottom. Of course alot of people thought the same thing when she appeared on the cover of a mainstream magazine I believe back in October. Though some do claim that October was the internal bottom of the market as that was the day when the most stocks made new 52 week lows. The following lows in November and March were made with much less conviction. Guess in eccense she book ended the time period with those 2 moves.
ClusterStock has a little article highlighting her move and appearance on CNBC that day. Note the negative 600 points on the DOW that day. That was Feb 20th just weeks prior to the end of the bear market. Also, gotta love that Henry Blodgett posted the piece. He will go down as being a pivotal point in the irrational exuberance in 2000 and now the exhorbiant fear in 2009. He clearly knows how to market his name to take advantage of the greed and fear cycles. Does he ever get that trends end?
Looking at Whitney Advisory's website its intriguing to note the first research report listed was on March 4th just 5 days prior to the bottom. So she basically got the ball rolling right at the bottom. Hmm... Also gotta love that the 'Team' is just her and the home page is mainly selling her pic as much as anything else. The face of the downturn.
What hasn't really made the rounds yet was that such was pushing clients to sell bank stocks into this huge rally. During a quarter where most in general reported solid profits. Whitney was right for a while but typical of the market gurus during one period become the outcast during the turn.
ClusterStock has a little article highlighting her move and appearance on CNBC that day. Note the negative 600 points on the DOW that day. That was Feb 20th just weeks prior to the end of the bear market. Also, gotta love that Henry Blodgett posted the piece. He will go down as being a pivotal point in the irrational exuberance in 2000 and now the exhorbiant fear in 2009. He clearly knows how to market his name to take advantage of the greed and fear cycles. Does he ever get that trends end?
Looking at Whitney Advisory's website its intriguing to note the first research report listed was on March 4th just 5 days prior to the bottom. So she basically got the ball rolling right at the bottom. Hmm... Also gotta love that the 'Team' is just her and the home page is mainly selling her pic as much as anything else. The face of the downturn.
What hasn't really made the rounds yet was that such was pushing clients to sell bank stocks into this huge rally. During a quarter where most in general reported solid profits. Whitney was right for a while but typical of the market gurus during one period become the outcast during the turn.
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