It's true and it's beginning to happen. All the selloff and nonsense that citi is going under has been speculation driven by panic and fear. At this moment, This is a buy of a lifetime. Get in before it's too late.
I do not think that write-downs are over, only LARGE write-downs. But with easier to get money for the banks and brokerages, Visa money, and C looking to sell some assets, the SMALL write-down will be easily absorbed, just like LEH, MS, and GS.
If we get good home data next week where the average supply of inventory was reduced all banks will go higher, and it will be a sign to start building a position in homebuilders.
I am not sure C will sustain this upward momentum. I have a feeling some profits will be taken when the commodities correction is over. C will trade between $19 and $22 until after the 1q earnings announcement. The new trading range will be determined by that. Just my opinion.