BUY Citibank (C) ??

[studentofthemarket]

C is toast

These clowns are going to cut their dividend. The stock price is going down. They're going to own cities of foreclosed houses.

I really doubt C has totally come clean on their writedowns as of yet either.

We haven't even begun to investigate the fraud that went on in much of this mortgage nonsense. I have a buddy that is an appraiser down in FL. He's not working much because he's honest. for the last few years, he's had people call up and say "hey I need to show that this house would rent for xxxx.xx a month" he'd reply, "well let me check it out and get back to you day after tomorrow" Them "no we just need a letter, can you do that?'

he'd say "no" CLICK.

Steve Colbert yacks about Truthiness.

What we've got coming is Scorchiness.

there are now websites devoted to walking away from your mortgage. 60 Minutes is doing shows on that. you think C is going to go up any time soon?

Get real.

Oh it will bounce now and then but their long term trend, as the rest of the idiots that did ninja loans, bundled mortgages and all the rest are going to get drilled.

Student

[altria89]

Late yesterday and today another sign of a bad streak for the market? Will this bring the bottom you all have been waiting for?

[skiracer]

Late yesterday and today another sign of a bad streak for the market? Will this bring the bottom you all have been waiting for?

I'm glad I waited but this is a nutty market and it is so hard to tell if this mornings selloff will hold. Looks like it is coming back some.

[MEA_1956]

Had my spot set last night @ 18.45 for WM, never sent the order. Set for a few min. and reflected back on they actions of the heard of late, had a gut feeling the afterhour traders were up to no good and selling off. They are just a small part of this market so I told myself, self you place this stop and you are out, let it ride and check back in tomarrow around 9:15 and see where it is riding at that time. Bingo, naileed that one last check upover $19.00 form the selloff of $17.76 Marlin

[mrmarket]

is it soup yet?

[IIC]

Late yesterday and today another sign of a bad streak for the market? Will this bring the bottom you all have been waiting for?

No...Not even close

[skiracer]

No...Not even close

I thought the bottom would be somewhere between previous lows of 11750 to 11500. When it broke the downtrend line the other day, rather convincingly, and stayed above it I changed my outlook to the upside. I still believe the trend will be to the upside as the FED has shown that they will not let it slide into oblivion. Where do you think the bottom is.

[IIC]

I don't have a bottom target...But I think one day the FED is gonna run out of tricks

[mrmarket]

It's already up 30% off of its low...I would call that a confirmation. I bought SEP 40 Calls and paid $0.33 cents for them. I love gambling.

[skiracer]

It's already up 30% off of its low...I would call that a confirmation. I bought SEP 40 Calls and paid $0.33 cents for them. I love gambling.

I love playing poker, shooting crap, and betting on sports. That kind of gambling. But I am a bound and determined to always try to make the edge in my favor when just gambling or relying on a certain amount of luck to win.
It's funny that you mentioned that call option. I was looking at them myself and thought it was a decent play. Good luck with them.
My call on the timing with C was off base. At the time my feelings were that the market would follow the downtrend line farther down. When it breached the downtrend line and stayed above it my feelings changed and I now believe we get more upside in the markets in general and that C will follow the market direction up in price. There will always be intermittent pullbacks and drops within a trend which those traders that realize that and can control those feelings that come with the up and down cycles of stocks in general will always do well in regardless when in any position long term or short term.
I am still on the sidelines with C and no entry yet but now I am not looking for 20 - 22 range for an entry anymore but would feel good to get in at 26 - 27 levels. The FED has bolstered my feelings with that last drop in the interest rate. I feel confident that they are going to do whatever it takes to keep the economy afloat and not let if fall into a full blown recessionary trend. Besides it is an election year and the Republican administration CANNOT and WILL NOT let things go bad to the point of possibly ruining any chances they have of winning in November.
As always I will excerise patience and discipline and wait for the entry point I want or the boat will leave without me again.

[altria89]

Back down to 27.

[New-born baby]

It's already up 30% off of its low...I would call that a confirmation. I bought SEP 40 Calls and paid $0.33 cents for them. I love gambling.

Not so fast, MM. . . . no identifiable pattern on this weekly chart. Looking at the daily below, there is something to see. But we do not have a double confirmation via both the weekly and the daily chart. But contrast C's daily chart with BOOM's bullish inverted head and shoulders below!

[IIC]

It's already up 30% off of its low...I would call that a confirmation. I bought SEP 40 Calls and paid $0.33 cents for them. I love gambling.

I think you'd get better odds playing Chuck A Luck in Vegas

[skiracer]

Not so fast, MM. . . . no identifiable pattern on this weekly chart. Looking at the daily below, there is something to see. But we do not have a double confirmation via both the weekly and the daily chart. But contrast C's daily chart with BOOM's bullish inverted head and shoulders below!

I thought that the 50 dma between 29 / 30 range was going to offer strong resistance but last week when the market was up big and C didn't break the resistance and hold above the 50 dma I thought there was a strong chance of it correcting and pulling back to under 30 and maybe to 28 range. at that time i figured i had missed the boat on 22 levels when Altria was talking about it at 24 / 25 levels and had restructured my thinking about an entry at 27 - 28. with the corrective pullback in the markets yesterday and today my feelings are that the uptrend from last week is finished and a new downtrend line is in place with the lower low closing today than yesterday the lower end of the new trendline down. i think C follows the market direction and if it continues farther down tomorrow that C will drop with it. tomorrows market direction will tell the story. i feel that it goes farther down from here and will be looking for an entry for a long term hold at as low a price as i can get in at. i think you are sitting in the drivers seat for a shot at taking the top spot this week in the potw. spike has a nice play developing but i think C has more potential as a short but the market has to continue this current down trend for it to fully develope into the short play that it can be from your entry yesterday. if the 50 crosses down over the 200 on the weekly it would be giving a distinct down signal.

[IIC]

Well...If the futures right now are any indication the market will gap down at the open.

Speaking of Banks...SKF which I got slaughtered on in the contest (only) a few weeks ago thx to the FED's quickie rate cut looks pretty good here.

Also, if you like to follow banks the Philly Banking Index is $BKX at Stockcharts and here are the components:

http://www.kbw.com/research/BKX.asp