Tuesday, January 5, 2010
Meredith Whitney rightfully garnered much acclaim by her prescient bearish call on the banking sector long before many recognized there were problems. Since then, her comments, both bullish and bearish, have been real market movers. Until today. Today she reduced her earnings estimates on Goldman Sachs, and while the stock initially sold off on the news, it has since recovered to session highs. That makes four days in a row of GS going up while the market drifts. That's the kind of 'tell' on both Goldman and the financial sector that one looks for to sense what the next major move may be. I think we go higher from here on the financials.