I wouldn't touch C with a ten foot pole right now! They're not done bleeding yet from the write down "bed they made," and are having to sleep in. In time, they'll be back on the radar, but now isn't that time for me.
I'll post the same graphic I just posted on the "AIG" thread. Why try to pick a bottom when the news is FUNDAMENTALLY bad? There are a lot of high probability trades out there; makes life easier. Short WGO...
Example of a high probability trade: LNN makes a $10/share run up 2 days before earnings. It then pushes higher the next morning to trade near its 52-week high, resulting in a 90% gain in value in 3 months. A peek at insider activity shows that the majority of the corporate officers registered the majority of their shares in the past few weeks. June $110 puts are trading around $1.65. What to do, what to do... Sell your puts the next morning at $16.50 for a 900% overnight gain.
its funny to see 'traders' trying to trade stocks that are moving almost entirely off fundamental news. C's balance sheet and board of directors dont care what stochastics is doing nor which level is support
Citi is going sack 1 in 10 workers globally in it;s investment banking division or more 6,500 workers. http://www.bloomberg.com/apps/news?pid=20601087&sid=afiMV98d1nKY&refer=home Citigroup May Fire 10% of Investment-Bank Workers, WSJ Reports By Jody Shenn June 22 (Bloomberg) -- Citigroup Inc., the bank that's lost more than any other in the collapse of the U.S. mortgage market, plans to fire as much as 10 percent of the about 65,000 employees worldwide in its investment-banking division, the Wall Street Journal reported. The first notices in the round of dismissals may begin tomorrow, the newspaper said, citing people it didn't name. The New York-based bank, which has more than 350,000 employees, cut at least 9,000 workers as of March 31, the Journal said. ``Citi indicated earlier this year that it would be resizing this business in response to market conditions and as part of our ongoing re-engineering efforts,'' spokesman Dan Noonan told the Journal. Danielle Romero-Apsilos, a Citigroup spokeswoman, didn't immediately return a message seeking comment from Bloomberg News.
Port1385, Charts are helpful. For this chart, as for any chart, you may wish to consider the way price is moving with respect to how volume is moving. You mentioned buying as an activity for making money. This would be a long trade. Most people, given a choice, trade stocks that are going up in price for long trades.
So what is you miss the bottom?? Ego trading at it's finest. Remember "Money not made is not money lost"..
Citigroup faces $8.9 billion writeoff, capital need: Goldman Thu Jun 26, 2008 10:11am EDT By Neha Singh BANGALORE (Reuters) - Citigroup Inc may suffer $8.9 billion of write-downs in the second quarter, resulting in a loss and possibly its second dividend cut this year, and investors should bet the largest U.S. bank's shares will fall, Goldman Sachs & Co said on Thursday. Analyst William Tanona also added Citigroup to Goldman's "Americas conviction sell" list and cut his price target on the stock to $16 from $20. He recommended a "paired" trade in which investors sell Citigroup shares "short," betting on a decline, and buy Morgan Stanley shares. Citigroup shares fell 85 cents to $18.00 in pre-market trading. If the shares fall below $18.00 in regular trading, they would touch their lowest level since October 1998, the month Citicorp and Travelers Group merged to form Citigroup. Tanona's forecast suggests deeper problems for Citigroup Chief Executive Vikram Pandit, who is trying to turn the bank around after nearly $15 billion of losses in the last two quarters, and more than $46 billion of credit losses and write-downs since the middle of 2007. "We see multiple headwinds for Citigroup including additional write-downs, higher consumer provisions as a result of rapidly deteriorating consumer credit trends, and the potential for additional capital raises, dividend cuts, or asset sales," the analyst wrote. DIVIDEND CUT MAY BE NEEDED He said the bank may need to cut its 32 cents-per-share quarterly dividend, and issue common stock or sell assets to raise capital because regulators may forbid it from issuing more preferred or convertible securities. Citigroup cut the dividend 41 percent from 54 cents per share in January. Continued... http://www.reuters.com/article/ousiv/idUSWNA730720080626