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Meredith Whitney's an embarrassment. She comes on TV with no new information, with nothing other than some valuation calls, some "double-dip" rhetoric and a poorly reasoned rap on weak retail sales, and we listen. I am sure if you are a client of Whitney's you knew you had this one in the bag and the usual suspects -- Goldman Sachs (GS - commentary - Trade Now), JP Morgan (JPM - commentary - Trade Now) and Bank of America (BAC - commentary - Trade Now) -- got hammered. If I were a hedge-fund manager, I would have loved to have been "in shape" ahead of that interview.
Is there any evidence WHATSOEVER that JP Morgan is weaker than at any time since the crisis began? Does anyone think that about Goldman Sachs? Does she not acknowledge that there is not only a normalized earnings model for so many banks out there, given the big fee increases, but that the notion of staying as negative as this seems almost foolish? No, make that foolish. I think that you need to buy JP Morgan off this and I think you just got another chance to buy Goldman Sachs. I think this is madness. At the time of publication, Cramer was long BAC, JPM and GS.
Special note from Jim: You can learn my time-tested ways to trade smart, even in this market. All my latest thinking is in my brand new book, Getting Back to Even, which I'll send to you as part of a special promotion when you sign up for my ActionAlertsPlus.com service for a limited time. So if you sign up now, you'll get to see how I'm playing these stocks in my portfolio today, plus, I'll teach you how you can play these stocks to help your portfolio get back to even.
At the time of publication, Cramer was long BAC, JPM and GS. 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. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here. TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com. Brokerage Partners
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