Without a Doubt a Sign of the Reverse Top

by Johnny Debacle

You're either Whitney or against meOr, as some folk like to say, the bottom. Meredith Whitney is leaving Oppenheimer to start her own firm, Meredith Whitney Advisor Group LLC, that will be an advisory shop, providing equity research for institutional clients. I feel pretty bad for Oppenheimer (NYSE: OPY), but I feel pretty great for the stock market, especially financial stocks. Is there a sliver of hope that the worst is already incorporated into their share prices?

Recommendation: Her calls were fantastic, and we are not ones of those who would seek to take away even an ounce of the awesomness which she has demonstrated over the last 18 months. I’m not trying to get too contrarian here, but COME ON. This is too obvious, it must be a bottom. We will have definitive confirmation of a bottom when Nouriel Roubini rebrands RGE with a name like Dr. Doom’s Latverian Party Palace Associates.

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POSTED: 02/19/09 9:10 AM
Comment (8)


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Comments

  1. Johnny Debacle
    February 19th, 2009 | 10:00 am

    I just saw this comment on DB from yesterday:

    “this has GOTTA be the bottom in financial stocks. This chick going out on her own is the perfect signal.”

    I posted this without having seen that. When I read the WSJ on the train this was the first thing that came to mind. But I will say that geniuses think alike, so kudos to you my fellow anonymous genius.

  2. VOL IS KING
    February 19th, 2009 | 10:47 am

    uh…. but that banks are still insolvent, how can it be the bottom?

  3. Johnny Debacle
    February 19th, 2009 | 11:12 am

    Insolvency never stopped banks before, why should it stop them now? Also I think you miss the point of this kind of indicator. It’s not dependent upon cash flow analysis or looking at bank sheet analysis or all that crap. That’s what makes it so powerful. You should just let us think for you, since we’re better at it.

  4. american bandersnatch
    February 19th, 2009 | 5:51 pm

    not sure what kind of indicator it is, but she’s hotter than a fox in a forest fire.

  5. VOL IS KING
    February 19th, 2009 | 5:54 pm

    what i’m trying to say is, just a FIG IPO and implosion signaled the top, Paulson & Co. IPO and implosion will signal bottom-top top-bottom.

  6. Pleb
    February 20th, 2009 | 1:06 am

    It’s hard to imagine a better looking bottom. I’d be happy to hit it.

  7. Mr Juggles
    February 20th, 2009 | 8:37 am

    Ok, what he meant to say is that the bottom will happen when Whitney leaves her new self-titled firm to start a newer firm, Meredith Whitney Advisor Group The Deuce LLC.

  8. Kid Dynamite
    February 23rd, 2009 | 11:27 pm

    you missed two other signals: Bank Uber-Bull Dick Bove basically being forced out of his firm due to a lawsuit, and Ron “Contrary Indicator” Insana leaving SAC…

    that said, i’m STILL bearish