financeguy
ONE love, blood, life
Meredith Whitney, who is usually right, is saying don't buy financial stocks:
Meredith Whitney told CNBC in May that investors should "avoid financials at all costs," primarily because of the financial reform bill. But she said Tuesday that a bigger worry now is the revenue shortfalls caused by the still weak housing market and by a lack of deals on Wall Street. For that reason, she still expects financial stocks to do poorly.
In Europe, stress tests designed to measure the strength of bank balance sheets "were arguably negotiated," and didn't address the fact European banks are sitting on a lot of overvalued sovereign debt, Whitney said.