Citi had a gap down low of 17.76 in March. Now they had a gap down low of 17.53 today and close of 17.67. If that is a double bottom I'm screwed. The fed may mysteriously come out tomorrow or capital infusions or buyouts or something to preserve the double bottom. Tomorrow could be critical boom or bust support. any opinions ?
Market is going to rebound. IT will rebound with a vengence. Today Market just thumbed Feds and Administration nose. Moreover todays drop is across the board. All dow component stocks are down. At the least Treasury and Fed will do something to stabilize the situation. Congress today passed a law to limit speculation in oil
Definitely oil will trade lower tomorrow. Further it is a no brainer for any analysts to upgrade they are covering.
You shorts are getting sucked in to a big game and you don't even get it. This sell off is the same hype that drives the market up. I have not seen this many retail shorts ever in the market place. You guys are getting played no differently then the longs got played during the dot com boom. Sure things are bad but this is over done and it is going to be violent in the up direction once it gets going. Th Ibanks are going to offset all their RE losses with the gains they make trading after they all downgrade each other suck in shorts then upgrade each other and tap you all dry. I can't go on a single MB on Yahoo and not find a 10 short to 1 long ratio. All the talking heads are telling YOU to go short but if you could ask them if they were short I bet they would either not answer you or would tell you they were not short. This is a massive trap people just the fact that every short is so sure of themselves proves it.
Cover half your positions and let the other half ride, play the middle. Unless your greedy you can't lose. If it goes up you locked in gains and can reshort higher, if it goes down you still have half in....The all or nothing thing is riskier....
What would worry me is that we were down here about 30 days before the Q1 results came out, and look where we ended up. This Q, even with the $8.9B writedown C "MAY" take is expected to be better than the last. C has one other thing going for it; early in the Q, Pandit said "liquidity is normalizing." I wouldn't be surprised if the conference call reveals they were able to get rid of some of their bad debt, Buffet has admitted to being a buyer of it. (It general, not from C)
The Fed will definitely create a double bottom for stock market. If you want to short, wait until S&P go back to 1,400 again. Now, you are going to commit suicide if you stay short. The best shorts have taken profits today. The next smart shorts are covering tomorrow even they see DOW is up 200 points. The closer to 1,400 you are forced to cover, the worse short you are.
Really can't understand anyone being long these banks with earnings right around the corner and the recent performance of these stocks. Fed also appears to be out of bullets, but stay tuned. Dead cat bounce could be soon.
don't worry. go golfing tomorrow. wait a few days. short a little more if it pushes up more than 50 cents if you must watch the action. and if you are worried why did you short? market may attempt to rally and if it does there will be another good short op in the next 2-3 days. the trend is your friend and the trend is down.