My girlfriend knows I try/invest in the market and she doesnt really trust my stock trading skills anymore and she is rather insistent that I take my loss here and quit trading altogether.
I did average down some when it went to $33, so my average is still about $36 or so.
I dont want to atop trading, but as I think we will eventually be married within a year or so, I have to listen to her wishes to.
Anybody here think C could realistically recover somewhat to go to maybe $35 or so. At least I could get back most of the money.
Get the fuck out ASAP. Take your loss and do something else. Stress sucks.
Dont listen to these foolish bulls on this board. they have been wrong over and over again for the last 6 months.
Why would Citibank turn around after just 2 bad quarters? The housing crash is going to worsen through 2008. And there will be credit card defaults, losses on commercial real estate loans etc.
the best way to lose huge sums of money in the market is to hold onto trades that went bad, hoping that it will magically turn around and save you. it doesnt usually happen, especially when the economy is spinning into the shitter.
If i was you i would get rid of this stock. I see the next quarterly earnings are bad as this one. I also see this stock going into the teens and the dividend being lowered again. Get out while you can, SUCKER.
Nice Try Shorty,
Citigroup took significant tax losses in Q3 and Q4. Guess what that means?
Probably $14 billion tax refund.
Remember corporate tax rates are about 35%
Citigroup just took a major tax loss to go against future earnings.
2008 will be TAX FREE for Citigroup, and the stock will flourish as a result.
What will they do with the $14 Billion tax refund?
Do a share buyback all at once and create the biggest short squeeze in the history of the world.
Shorts need to cover as soon as possible before its too late.
Why not diversify. Most of the advisors are recommending BAC over C. Note that BAC may be forming a cup and handle pattern, while the pattern for C is unclear if a bottom if forming. However, if one of these goes down, the others will follow along with the falling tide. Perhaps you may be better off to diversify in a different sector. Better ask Cramer!
cheaper to rent than to buy. As for the stock, I'm buying all the calls I can 6 months out ... blew out the puts. I may not be THE bottom, but it is damn close, and when the hedge funds start covering, and the funds start buying back (they always do)It will bounce hard and fast. THAT will be the time to get out if you need the cash short run. IT will be taken down, there will be more bad news. Hell, it may even get back to the high 30s before collapsing back to the low 30s.
Yes C will recover just fine.
There are two good examples 2001 through 2003 and back in 1987.
If you trust GS, they say the bottom is $25. I'm sure they already gave the secret hand shake to their prime investors to load up near $25. Smart money buys at $26 to make sure you get some shares before the GS whores get it all.
So you got another opportunity NOW to lower your cost basis.
When the stock moves back up to $38, get rid of those shares and keep the ones you buy now.
You will be glad you did.
That's my recommendation.
Eventually, this is obviously a personal call. But selling a stock because it is way down is not logical. You sell a stock because you think the stock will decline in the future or you have a better alternative investment or you need the cash.
I honestly believe that one year from now it will be $45. But in the meantime it could go down a LOT more, which may make your fiance even more nervous/angry.
Your chances are much better buying lottery tickets than holding Citi....Remember the economy is also in trouble...Not just Citi...Even Banks with few problems will be taking hits
Save your potential marriage and hire a financial advisor....do what it is that you do and try not to be a stock trader.....the large institutions just love whipping the small block guys around.....just remember....BUY when you're sad and SELL when you're happy....How do you feel about Citi...Happy or Sad?...I'm in at 30 and will most likely buy more when they announce the next 18 billion write down....
educate yourself, read books on investing and learn how to make good judements. this will take time because I am still learning. when you get married you going to manage ira,401k and other investments.