‘Tis the season to take cheap shots at other pundits, it would seem.
And you’ve got Raymond Jamess strategist Jeff Saut, who in his latest letter wrote:
The call for this week: As the S&P 500 traded out to new reaction “highs” in the first part of last week we heard a cacophony of crybabies. First was Meredith Whiney, banking analyst now turned strategist, who stated, “I have not been this bearish in over a year!” One-upping her was Nouriel Roubini who exclaimed, “The worst is yet to come.” Then there was Timothy Geithner’s statement that, “I can’t take responsibility for the legacy of crises you (read: Republicans) bequeathed the country.” While I think Tim Geithner has done a really good job, excuse me Mr. Secretary but wasn’t it you that resided over NY Fed as President from 2003 through January 2009, which also brings the privilege of being Vice-Chairman of the FOMC? Accordingly, it was you who served as regulator of the country’s large financial institutions. Thus, it was on your watch that the big banks ran amok. Despite such cantankerous cries, we have indeed entered the strongest seasonality of the year and we remain constructive. As the sagacious Bespoke Investment Group writes, “Since 1941, the Dow has averaged a gain of 0.50% in the week before Thanksgiving.” That said, we would not like to see the S&P 500 break below 1083. And speaking of breaking down, the Japanese stock market is breaking down and we are close to “uncle points” on those recommendations.