Citi Memo Lights A Fire Under Markets

Market Commentary

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

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