I's not just me, buying tomorrow tell me why not to.
I have been seeing allot of fund managers getting into this market if you have been trading long enough it is easy to see. I have seen it in GE and BAC. So today I was thinking that if I was a fund manager wanting to catch up C is the no.1 candidate. It is the only large American Co. that has not participated in this rise in the market. The chart and that knowledge is getting me in C tomorrow
No serious fund manager would rik his skin betting on C. C is turning FROM too-bigto-fail into: "We will sell all retail in Europe as underperforming businesses"- which in layman speak :"we will sell Citi peace by peace at today's deflated prices until it is NOT Too-big-to-fail anymore. Then we will accumulate huge cash position , perform reverse split, and brake apart into 2-3 smaller banks. This stock is position trading stock. Which means you take a low under 3.00 position when market rallies and then when market stumbles and all daytraders rush back into C you cash out. Going Long on C is a suicide.
C is the most compelling bank buy right now - it has not participated in the rally and has been significantly been beaten down stuck in its prior conversion range. The higher resistance at around 3.50/60 will be broken and C will break out to 4 then 5... Look at the open interest in $4/$5 call options for Sept - March.
I've been loading up on C stock and options continuing to add at every dip.