When Bears Turn Bullish - Look Out Above!
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For the second time this week we have a notable bear turning less bearish. On Monday it was noted bearish financial analysts Meredith Whitney, who upgraded Goldman Sachs (NYSE: GS) to 'Buy' one day prior to the company's much anticipated earnings report. Meredith also made some positive comments on Bank of America (NYSE: BAC). Today, bearish economist Nouriel Roubini, known as "Dr. Doom", made some "not-so-bearish" comments, saying the "worst is behind us in terms of the economic and financial conditions". Roubini called deflation the largest near-term risk, noting that he sees inflation becoming an issue in the "medium-term" unless the government adjusts its policies soon.
The markets are reacting positively to this one-two punch of neutered bears.
While strong earnings from Goldman Sachs, Intel (Nasdaq: INTC) and JP Morgan (NYSE: JPM) has given bulls something fundamental to hang onto, there is no doubt that these less-bearish comments from the notable bears created the catalyst.
So far this week, the S&P 500 is up a whopping 7%!
UPDATE: 5:30PM ET: After the close, Mr. Roubini is making more headlines saying his comments today were taken out of context and that while he expects the economy to bottom soon, the recovery will not happen this year and will be a below trend recovery.
Whatever Mr. Roubini. It's about your tone sir. When you talk recovery and not doomsday it will be interpreted more positive, which we assume is your intention. You can't have it both ways.
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Comments
robini
he says nothing. can explain nothing. has no concreate data. is lost in his own world good gig if you can get it. most financial people have no train of thought beyound numbers and don't under stand them. financial people not only don't under stand numbers but are confused by them when they are someone elses. . mr robini uses no numbers. just empty words. what the hell are you saying or forcasting
Just Another Talking Head
dumb
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ain't buyin it...either way
shaneski on Jul 17, 2009 02:20 AMI've been following Ms. Whitney for some time. She definitely knows her business. However, it wasn't that long ago when she exclaimed that banks had still significant rotting debt on their books and the government infusion of cash gave us cause for pause. Why the big switch Meredith?