BUY Citibank (C) ??

[altria89]

Everybody ready for the Fed's Decision tomorrow?

[altria89]

Worries over Fed decision is lessening...What do you guys think of it? Fed Rate Cut of half should yield financials into a solid move upwards for a day or so.

[skiracer]

Just placed a sell stop at 26.75. I think if it hits under 26.75 there will be a downward movement to 26 and under once again. Any thoughts, opinions? Where can I find charts that show support levels, resistance levels, etc? Thanks guys.

Support or resistance levels can be previous highs or lows. Trendlines, fib lines, and moving average lines are others. Lines of developing patterns like all the triangles offer boundaries for support or resistance within those patterns.

Regarding market direction. It will show us itself if you are patient. Friday is a get out of town day especially with skiing season now. Microsoft's terrific report was supposed to give the market a boost and help drive it up but no cigar on Friday. Was it just the get out of town mentality and take your gains with you or was it real a real sell off from the the earlier part of the weeks bounce. Like you said C fell under your stop so you should be stopped out right now with a decent gain from your earlier entry. I would remain patient to see which way the wind is going to blow before making any trades Monday a.m.
I have stated that I like C and am looking for an entry for a longer term hold. I would buy it right here at this price and level but I think we can get it cheaper if we are patient and wait a bit more. Friday could have been an indication of that.

[altria89]

There are different ways to determine support/resistance...But here is a site that does it for you

http://www.stockta.com/cgi-bin/analysis.pl?symb=C&num1=1&cobrand=&mode=stock

They basically use some formula based on:

Confluence Confluence occurs when you take fibonacci projections off of multiple trends and get the same number and strengthens when it corresponds with other technical advents such as gaps, swing high/lows, chart indicators crossovers (MACD, RSI, Stochastics, etc.), trading congestion, etc. The more confluence, the more significant the level. I really take notice when I get two or more fib #s (say a 38.2% and 61.8%) to correspond with a gap in the chart or a swing high. Confluence is very powerful as it combines multiple technical analysis techniques to arrive at the same conclusion, and should be relied on accordingly IMHO


For day trading s/r you can always use the Pivot Point Calculator I have at http://Sharptraders.com


Best, Doug(IIC)

Thanks Doug!

[IIC]

Just placed a sell stop at 26.75. I think if it hits under 26.75 there will be a downward movement to 26 and under once again. Any thoughts, opinions? Where can I find charts that show support levels, resistance levels, etc? Thanks guys.

There are different ways to determine support/resistance...But here is a site that does it for you

http://www.stockta.com/cgi-bin/analysis.pl?symb=C&num1=1&cobrand=&mode=stock

They basically use some formula based on:

Confluence Confluence occurs when you take fibonacci projections off of multiple trends and get the same number and strengthens when it corresponds with other technical advents such as gaps, swing high/lows, chart indicators crossovers (MACD, RSI, Stochastics, etc.), trading congestion, etc. The more confluence, the more significant the level. I really take notice when I get two or more fib #s (say a 38.2% and 61.8%) to correspond with a gap in the chart or a swing high. Confluence is very powerful as it combines multiple technical analysis techniques to arrive at the same conclusion, and should be relied on accordingly IMHO


For day trading s/r you can always use the Pivot Point Calculator I have at http://Sharptraders.com


Best, Doug(IIC)

[altria89]

What does everyone think about this coming week? Might be holding out from buying till Wednesday Fed Rate decision. Seems as though no one knows what is going to happen.

[altria89]

Just placed a sell stop at 26.75. I think if it hits under 26.75 there will be a downward movement to 26 and under once again. Any thoughts, opinions? Where can I find charts that show support levels, resistance levels, etc? Thanks guys.

[altria89]

Think I'm holding till at least tomorrow. I see the rally continuing till at least Friday and possibly going sour on Monday

[MEA_1956]

Looks good

Tonight on the loc. news the gov. said the state of NE was in good shape and could not see why Bush was messing things up. I have enough work backed up to pull me through the fall next year. Three of my projects are over 20k and these peopel seamed to have know problem getting financing. I guess thats a plus being out here in the sticks. Marlin

[IIC]

There are a heckuva a lot better plays than C out there IMO.

Now...The question is...Is this the start of a New Bull...Or is this a Dead Cat Bounce???

I have to go with the latter here...Perhaps we are up for a day or two or three...But Bush is lying thru his teeth when he says the economy is fundamentally sound...If the economy was so sound we wouldn't need the PTT (Plunge Protection Team) to come in with these ludicrous rate cuts, Bond Bailouts, Stimulus Packages, Repo Additions etc...

Please wake up!!!

[Clarkstondude]

If this ain't the bottom would like to get out with the short profit then buy back in.

Thats my theory with it, I wont hold ANYTHING overnight after last weeks morning hit... I got all emotional over it and threw more into the furnace before I sobered up and walked away. I thought about it, longs are nice with stops but if a bomb blows up somewhere in the world the market will open at zero, stops aren't going to help in that scenario.
This morning I couldn't see anything worth risking until I saw C start a rally then I jumped back into a few old setups and added C. I think today was my best single day gain ever.

[MEA_1956]

Same O Same O

Plan your trade & trade your plan is one lesson that I've learned from this web site. Marlin

[altria89]

Don't let today's dead cat bounce fool ya: this ain't the bottom.

5% divys are nice if they can pay them.

You expect a sell off tomorrow or finish the week high then back to same ole' stuff next week? Making a nice profit when bought at 23.44 yesterday. If this ain't the bottom would like to get out with the short profit then buy back in.

[New-born baby]

Don't let today's dead cat bounce fool ya: this ain't the bottom.

5% divys are nice if they can pay them.

[billyjoe]

Many financial institutions up big today especially WTNY and TCB. HCBK also looking good. Those 3 apparently didn't have the bad loan exposure of C , yet C is also up 5% as I post this. Some are continuing down the toilet as the flush can't be stopped midway.

------------billyjoe