In fact, we are profitable through the first two months of 2009 and are having our best quarter to date performance since the third quarter of 2007.
– Vikram Pandit, Citigroup CEO, in a memo to employees Monday
The cause of today’s explosive rally is a memo to employees from Citi CEO Vikram Pandit (Pandit Memo). It was widely published in the mainstream press this morning. Combined with massively oversold conditions, it has resulted in a powerful bounce.
Of course now everbody wants to know: Can it last? Is this the bottom? Or just a bear market rally?
“How Real Is This Rally?”, Bob Pisani, Trader Talk Blog
“Will This Pandit Rally Go Poof?”, Fast Money Blog