BUY Citibank (C) ??

[yoyomama]

So uhhh today was a decent day huh......C make it to $3.50 tomorrow?

[skiracer]

Thanks...appreciate it. Yeah I'm on with Scot Trade and have done a few limit buy/sells since I started last week. I see 7% as a popular number to Limit your loss when buying/selling some quick stuff. I think I will use that formula except for C which I went in with 15,000 shares at $3.33 so I'm in for all or nothing with C at this point. I got in & out of it decently a few days prior when it was good...just couldn't get my funds transferred fast enough & by the time I did...the rest of story although I... like you, think it will get back there although the Citibank Reverse Split thing got my attention. I learned in a hurry what that means although like all things internet...1/2 the people say that's the beginning of the end & the other half say no big deal. So that's my story. Appreciate the insight around here & yeah I got alot of learning to do but in the end there is definitely some luck involved.

the best you can do for yourself is to be disciplined and in control of a strategic plan regarding entry, stops, and targets. you must study technical analysis and learn to interpret charts. develope a money management plan that suits your style of trading. and remember that there are thousands of setups that are worth considering. never put all your eggs into one basket as you said you did with C. dont be greedy and learn to live with and within your plan. there is always luck involved and by having a plan and sticking to it you can "MAKE THE EDGE IN YOUR FAVOR". That is the best you can do but you must learn to interpret charts. setting and honoring your stops is the most important facet of all of this. you entered C at 3.33 and it went way past 7% where you should have exited the trade and if you still felt there was a setup there then you could have re-entered at a much lower price and enjoyed the ride up from there. what you have done is ignored your stop point and are now hoping and praying for it to come back. you should be enjoying the fruits of re-entering at a much lower price and the gains you would now have. knowing what you are looking for in a targeted exit point is also very important and controlling the greed is right there with it. great traders make the edge in their favor and create their own luck to a large degree. luck has no place in becoming a great trader so i dont agree with that last statement. learn to control the trade and to manage your money the right way and you will make your own luck

[yoyomama]

Fantastic stuff skiracer...thanks. If(when!) I get back to 3.33 hopefully it's a new beginning for me using a few of the ideas I've learned since the start of my very short time in all this. Jumping in with that much of C, I just wasn't prepared to take the 7% hit to start off...so I've been hangin' on a little bit longer, probably an old story.

Again, really goodstuff. Thanks.

[skiracer]

Fantastic stuff skiracer...thanks. If(when!) I get back to 3.33 hopefully it's a new beginning for me using a few of the ideas I've learned since the start of my very short time in all this. Jumping in with that much of C, I just wasn't prepared to take the 7% hit to start off...so I've been hangin' on a little bit longer, probably an old story.

Again, really goodstuff. Thanks.

you seem to have a decent temperment. most people would get upset with someone telling them about what they have done wrong. i think that if you hold on to your position in C you will get back to breakeven and even better. that was a big position to jump right into. i hope that i have helped you understand some of the basic comcepts that are mandatory if you are going to become a great trader. ease into it while you are in the learning stages. develope the mental control and discipline to honor your stops. 7% is exactly what i use for mine. sometimes a little less but never more. there are hundreds of websites that will help you develope an understanding for interpreting charts and technical analysis. www.thepatternsite.com is Bulkowski's site for chart analysis. he is an authority and you will get the basic understanding of what the chart is telling you about the stocks movement. and ask as many questions as you have in mind. there are a number of good traders here who will always help you along. but move slowly and learn first. there is plenty of time to lose all your money. patience is a key factor in all of this. if you miss a setup or a trade dont chase it. there are another several thousand waiting in the wings for you to trade. so missing one is not the end of the world. these are some of the important factors separating the wheat from the chaff. you may find this hard to accept or believe but if you can win 3 out of 10 trades and limit any loss to 7% or less you will make money if you let the winners run out to the max by controlling the trade with trailing stops and believing in your predetermined plan. it takes time to develope the mental control to do what im talking about but its the thin line separating the common from the unique.

[steelman]

Aig

Does anyone thing AIG will go back to the 1.50-1.60 level from last week? 1 and 5 day RSI looks like it should go back up?? I could be reading it wrong, since I am new and still have much learning ahead.

[skiracer]

Does anyone thing AIG will go back to the 1.50-1.60 level from last week? 1 and 5 day RSI looks like it should go back up?? I could be reading it wrong, since I am new and still have much learning ahead.

steelman,
i think it would be a better idea to start a new AIG thread or go to an existing one to ask that question. this one is already started on C and probably would be better off left exclusively for C posts. i like the chart on AIG and technically speaking i think it could be ready for a bounce up right here. but so much is contingent on the markets and news these days. right now seems to be selling off some of its recent gains. this stock requires one to be nimble and able to move quickly to scalp a point or two if you're thinking of doing that. tomorrow, and i dont like to enter new positions on friday because friday is usually an escape day, might afford that opportunity. good luck with it. i'll try to put up a chart on it later on tonight explaining what i see technically.

[skiracer]

Fantastic stuff skiracer...thanks. If(when!) I get back to 3.33 hopefully it's a new beginning for me using a few of the ideas I've learned since the start of my very short time in all this. Jumping in with that much of C, I just wasn't prepared to take the 7% hit to start off...so I've been hangin' on a little bit longer, probably an old story.

Again, really goodstuff. Thanks.

C showed some strenght today in my opinion. there is some profit taking going on from recent gains. hold tight for the time being. most of the financials took it on the chin today. just taking gains

[yoyomama]

C showed some strenght today in my opinion. there is some profit taking going on from recent gains. hold tight for the time being. most of the financials took it on the chin today. just taking gains

Holding tight Ski...thanks. I realized that at least 4 thousand of the 15 thousand C shares that & I jumped head first in at were at $2.58 which helps the sting a little. Hanging tight & trying to pay attention though. Thanks.

[IIC]

I am intermediate term bullish on financials...But not on C...Look at BAC PNC AXP WFC BK USB GS...There are a lot more promising deals out there than Shitty Bank imo...Doug

[New-born baby]

I am intermediate term bullish on financials...But not on C...Look at BAC PNC AXP WFC BK USB GS...There are a lot more promising deals out there than Shitty Bank imo...Doug

All of those charts look alike--bullish. C, well, it looks like it might have another $2 upside on it.

[IIC]

All of those charts look alike--bullish. C, well, it looks like it might have another $2 upside on it.

Maybe it does...I really don't know...But I do know that it is a crummy one to try to day trade...Doug

[skiracer]

i would have to agree with nb. if i could get another 2 points from here with C i would be extremely satisfied.

[yoyomama]

most of the financials took it on the chin today. j

...as it continues.

[Stuck]

New here =)

I sold Half my C (1500 shares) because it dropped over 7% (after reading the recs here to sell of after ~7% drops) and bought BoK instead since it seemed really resilient this morning (even then it fell by 3% at the end of the day).

Are banks going into a sell off now after a good rise or is it worth keep them into this week?

Edit: Looks like CitiGroup is planing to do a reverse split of its shares to boost its common share prices. is that a good or a bad sign? I know some money markets cant buy stuff under 5 bucks so this move will enable them to buy but big boost to price means it can drop much lower too (% wise) on bad news. March 20th article:

http://online.wsj.com/article/SB123746075961583107.html?mod=yahoo_hs&ru=yahoo#articleTabs%3Dcomments

[Stuck]

C is getting 5 billion infusion

They are selling a brokerage in japan that raises them more than 5 billion. I suppose if the deal goes through thats good news for citi stock.

P.S. I still wana know about split reversing that i mentioned above and when/if it is going to go through.

March 30 (Bloomberg) -- Citigroup Inc. is seeking formal bids for Nikko Cordial Corp., its Japanese brokerage unit in a sale that may raise more than $5 billion, the Financial Times reported, citing people close to the situation.

Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., Japan’s three biggest banks, have expressed interest in buying the business, which Citigroup purchased for $13 billion in cash and shares over several years, the report said.

http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=C%3AUS&sid=aTc8Q2lW25QU