Citi Memo Lights A Fire Under Markets

March 10, 2009 at 9:15 am  ·  Category: 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

Posted by Greg Feirman  ·  Trackback URL  ·  Link

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