You have to love a good statement downgrade. It's one where you want impact, headlines, notoriety. One where you want to say, "I want this sucker to go down and I am going to take it down."
Which is the brilliance of the call of Meredith Whitney's downgrade of Goldman Sachs (NYSE: GS) (Cramer's Take) today. Not only can she say, "We have reached the peak," she can also give the appearance of being a bull until now.
"Yep, Meredith Whitney called the top, she called the bottom, and now she is calling the top again," I can hear her adoring media say.
If only that were the truth. Her upgrade of Goldman was a slipped-in upgrade. She's hated this move the whole way. She failed to call the bottom at all, other than to suggest that shorts step aside a bit.
But so what?
Cinderella's better than the step-sister.
So we praise her today. We short Goldman. We know we now have someone who will paint it negatively.
Well done.
Gee, sometimes I hate this business.
Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Goldman Sachs.
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Reader Comments (Page 1 of 1)
10-13-2009 @ 10:22AM
ebrandler34 said...
Can you please explain why when Ms. Whitney expresses a negative sentiment, that is so much worse than your relentless cheerleading toward the upside?
And where is your outrage when analysts pile on with "me too" upgrades on the latest "hot" stock or industry?
Seems somewhat hypocritical if you ask me ....
11-17-2009 @ 10:10AM
Tom said...
Once again, CNBC today unleashed the woman in black, Meredith Whitney, during the last hour of trading in order to bring the market down again. I'm sick and tired of CNBC's obvious market manipulation, and, other than Cramer, I'm switching to Fox Business News.