BUY Citibank (C) ??

[mrmarket]

I was saying to my wife last night that when it hits the bottom, which I don't feel is right here, then we should buy as much of C as we can when it turns back up. I had it in our blue chip retirement port from the 33/34 levels and sold it in the beginning of this year at $50 when I thought it was stalling out. It just happened to get caught in that subprime mess and this. But it is going to be a Godsend of a buy when it does bottom and the market turns back up which I think is coming somewhere around the 1267 line on the SPX. That is also the 38.1% fib. line and just above the 200 dma at 1292. It is at a strong line of support and if it the markets hold that point C is going to move back up with the markets and would be an excellent play since it is a major player in everything that has to do with money.
I would be patient here but I see that you pressed forward instead. I am going to be a buyer with thoughts of it going back above $40 levels but I would like to be a little bit more sure and would sacrifice getting in now or at a point or two higher for that assurance and the chance of picking it up a couple of points lower. Good luck.

Ski...I agree with you 100%. Let me know when you get in, this is a no brainer. I will diversify some of my HES stock and jump in on C. It is way oversold, but better to be safe than sorry. Can't lose! Can't lose!!

[billyjoe]

Ski...I agree with you 100%. Let me know when you get in, this is a no brainer. I will diversify some of my HES stock and jump in on C. It is way oversold, but better to be safe than sorry. Can't lose! Can't lose!!

Ski and Mr.Mkt. ,

------------------I agree with both of you. The only question is how long will even a partial recovery take? Probably longer than we'd think. Therefore I'm selling some banks not that they won't make recovery but recovery will take longer than some other non financial related stocks that are being unrealistically punished. Long term there will be lots of self butt kicking when we look back at today's prices.

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

[skiracer]

Ski...I agree with you 100%. Let me know when you get in, this is a no brainer. I will diversify some of my HES stock and jump in on C. It is way oversold, but better to be safe than sorry. Can't lose! Can't lose!!

I'm not convinced about this bounce holding and making an uptrend quite yet. The 75 point rate drop will fuel some buying but the problem is not done or resolved yet and Citibank just posted losses of over 10 bil. so I would think they have to resolve some of that also. I also think the momo guys are in there full force right now and when the dust settles they will be gone with their profits. I'm being patient and if I were to be a buyer at 27/28 and looking for above 40 I would be happy with that but I think we can get it lower than todays close wherever that may be and it is just a matter of exercising good judgement and patience but it will happen.
I am going to be liquidating some items and making sure the funding is ready for making an entry sometime in the near term.

[altria89]

Thanks for the input guys. Seems as though it is not a matter of if but rather when C and other financials start making that upward trend towards their highs.

[New-born baby]

Thanks for the input guys. Seems as though it is not a matter of if but rather when C and other financials start making that upward trend towards their highs.

No. It is still a matter of "if." Sure, I agree with Ski and MM and the others who think C will recover. But this ain't the bottom, and there is a lot more dirt to come out. Just let them keep beating the dust out of this stock before you enter. Patience, my man; patience.

[IIC]

Thanks for the input guys. Seems as though it is not a matter of if but rather when C and other financials start making that upward trend towards their highs.

Hope you have a lot of patience

[skiracer]

No. It is still a matter of "if." Sure, I agree with Ski and MM and the others who think C will recover. But this ain't the bottom, and there is a lot more dirt to come out. Just let them keep beating the dust out of this stock before you enter. Patience, my man; patience.

That's exactly what I think NB. I'm waiting for confirmation of that bottom. There is still alot that C has to work out but getting in this low is going to provide some bigtime gains eventually. You just have to be patient and wait it out to catch it at the right moment.

[dmk112]

Bounced off support today, looks like a good TRADE. Not investment.

[altria89]

Bounced off support today, looks like a good TRADE. Not investment.

So take the profit of today and get out? Yesterday and Today have been strong for financials because of the Fed Rate cut. Will investors, who seem to have bought in just a bit, turn around and sell by days end or by tomorrow morning?

[mrmarket]

by the way, I am loving the Citibank 5% dividend, so it's not dead money to invest now.

[skiracer]

by the way, I am loving the Citibank 5% dividend, so it's not dead money to invest now.

I'm just interested in getting my best entry regarding all the factors that I am looking for. Exercising patience and waiting for a bottom will not hurt you in any way. Make the edge in your favor.

[altria89]

I'm just interested in getting my best entry regarding all the factors that I am looking for. Exercising patience and waiting for a bottom will not hurt you in any way. Make the edge in your favor.

Do you see the jump in financials over the past two days as an indication that the end is near or just skepticism and belief that tomorrow will be a down day as investors will take their profit and sell off for the rest of the week?

[skiracer]

Do you see the jump in financials over the past two days as an indication that the end is near or just skepticism and belief that tomorrow will be a down day as investors will take their profit and sell off for the rest of the week?

I don't like it to the long side here at all. I may be wrong but I wouldn't be buying anything to the long side yet. Wide price swings and to much volitaility for me. I think C goes down farther yet from this point.

[billyjoe]

Down 50% in 5 months. Sure it can go lower. It's still got 25 points to play with unlike those banks that are already in the $5 range. Somebody once said the analysts always underestimate good news and I guess they also underestimate bad news since they are so reluctant to rate stocks as "sells" or they used to be reluctant.

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

[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