What I'm saying is that with this much dilution in the number of shares the price should have dropped down below $1. The only reason it hasn't is because there are a lot of institutions and individuals accumulating the shares at these low prices. Once majority shareholders are holding at around $3, the only way this will go is up since no one will sell at a loss. There are a lot of people just waiting on the sidelines to see what happens. One upgrade will make this stock jump over $4. I'm not sure why some people are still shorting this. Target and book value are all above current levels.
The price held up pretty well considering how much more the float is added. This can only mean that a lot of people are buying at these levels. Just look at the volume. For every single sold share someone has just purchased it. The ones who would sell now are people who bought at $1. I would say by Wed, the sellers who bought at $1 or $2 would have sold out and there won't be much share holders who would gain to make money by selling. The shorts make up small percentage so unless many more decides to short it's not going to push the price down. So who's left? People who bought at $3 range who has no incentive to sell until at least $5. C will continue to be volatile for quite some time in two step forward one step back fashion but I wouldn't stress over buying and selling. If C is not going to go bankrupt it certainly is establishing a solid base at $3. Good luck to all!
The volume was not very high compared to trading in the past week, so I'm not sure I'd agree with you that investors who got in around $1-2 are in any type of selling rally.
I do think there are a lot of folks holding out for $4.00 like the person who posted the original thread. However, tomorrow is going to be a blood bath as high rollers with lots of Citi stock are going to unload piece by piece throughout the day, then dump everything at the close.
They may need to spread it out over two days, but it's going to happen.
You'll be missing out on a lot of opportunity to max your earnings by selling/buying as the stock continues to bounce between $2.60-$3.50.
And, Citi is not likely to get to $4.10 unless they're bought, and right now I don't think anyone is interested.