the writting was on the wall. what investors don't understand is that a government stake means dilution to common shareholders. everyone said citi is too big to fail..maybe,but that does'nt mean the price of their common stock can't go to zero.
CITI is getting CRUSHED man wait till everyone wakes up and sees whats going on and starts selling LOL MAYHEM!
then you have big mouths who keep saying its a buy a 3 bucks. it was 3 bucks for a reason..some dumb people.
That dumbass, Dick Bove was one of them. Gotta give Cramer credit on this one. He told Bove that was a bad idea.
I laugh at those who want to buy and hold in this market. You have to trade the market go up 100% on 4 25% trade then let the rest ride. How could you just buy and die.... No wonder the market is down. Now hedgefunds have to register. Its Genius.. When they register their firms have to pay into the FINRA or SEC war chest. Look at the Preferred of Citi trading at a premium. Long term this is a great trade but it may go to pennies before its over.. But I would hate to be the one to miss it when it goes to 11 bucks. Imagine the profits if the deal is done at 1.50 Then it goes to 15.00 thats 40 billion up 1000 percent. By the way the govt wont be paying taxes.... Its Genius. Trade Trade Trade then take profits... Thats why its called trading. Im loading up on monday and up 40% this week three trades. Never hold garbage over the weekend unless you are trading with your profits. Please buy the book when it comes out. BAC 4 to 6 trade nect week. Please use stops thats what they are there for. Good Luck
Well, this is what everyone was waiting for - an answer to whether or not the govt is going to take over Citi. We got our answer. I have been thinking about buying C for over a year now, thank god I didn't. I underestimated bank's problems terribly. I never dreamed Citi would be a penny stock. I haven't been this wrong about the market in years. As a matter of fact, I feel more clueless now than I did when I was a noob buying options back in the mid 90's. I didn't do too bad last year, but two months into this year and I've been knocked down pretty hard. However, for you guys who love to fade the clueless sheeple, I am more pessimistic now than I have ever been. When sheeple like me are pessimistic, you guys are supposed to be buying, right?
It should be worth zero. IMO it's possible, that some years down the road, the economy recovers, yet banks still will not be able to recover lost funds.