I believe that, most likely, my January $4 Calls will expire worthless. They are not trading at $.01 Bid, $.02 Ask because they are valuable. However, maybe just maybe, some of the recent selling is for tax purposes. (year end sort of thing) With the recent payoff of TARP and the soon to be announced, 4th quarter earnings, maybe C will make a comeback in the next 3 weeks.
I realize this is WISHFUL THINKING! Right now that's about all I've got left. I have already decided that my January $4 Calls are my last stand with Citigroup. (enough is enough) It would be nice to see a turn around so I can continue with C, and this message board. If the worst occurs, I just want to say that I will miss you guys. (especially the racist lunatics)
Next stop is $3.60 by the end of next week. If C can't do that, I can't imagine that any amount of WISHFUL THINKING will get C to $4+ by January 16th...........
At $.04 I WAS placing my fate in God's will. That is the truest statement I have read in a long time. Not only did I buy my calls at $.04 (last week) but I sold March $5 Calls at $.05 to do it! I don't know what the hell I was thinking, especially after the January calls dropped to $.01 in 2 days. I just thought that C had a better chance to go above $4 before January 16th than above $5 before March 19th. (or thereabouts) Let me repeat, I don't know what the hell I was thinking!!
One last thing..........
IT'S NOT OVER TILL IT'S OVER!
(If C is above $3.60 by 12/31, I believe there will still be hope.)
At 0.04 a contract, you should have realized your trade was placing your fate in God's will.
I personally think Citi has a fighting chance of reaching that. I had been looking at the gap down. It was terrible timing on Pandit's part. What an destroyer of shareholder wealth... we need to vote this sucker out ASAP.
But the stock had gap down because of terrible timing. Abu Dhabi, AFTER BAC and WFC. Come on. My hope is that they lifted TARP so Citi could actually go and hire some top notch management team to fix this. Citi should be a top 3 or 4 financial institution in the US, that's its rightful place.
Keep the faith. At 0.01/0.02 that's really all you've got.
Sounds pretty far fetched ("3 years of inconsistent equity functions" & "reverse inward wave the stock should leap to $4.38 within the first week in January") to me, however I sure hope you are right!! At this point, if the good fairy was the reason for C going up to $4.38 in early January, I would be suportive. $4.38 for C in the first week in January would be beyond my wildest dreams. (And I have some pretty big dreams!!)
Good luck to us all.........
This guy sees a greener outlook for 2010.
Re: listen to the best chart man in the world [moi] 33 minutes ago I have been charting for 37 years. Trained under professor hoffer at MIT.
You need to factor in the 3 years of inconsistent perormance on equity functions. If you factor this in and provide a reverse inward wave the stock should leap to 4.38 within the first week of January
I think you still have a shot of hitting $4 in January, usually there is a run up to earnings. So anything can happen. I sold my March 5's and baught Feb 4's and June 4's. I hope for your sake and mine earnings are dynamite and C explodes to $5 in January. C will make a run to $5 but we wont know just when, hopefully sooner than later. Have a good holiday and keep the faith!!
There is still a glimmer of hope for C between now and January 16th. (options expiration day) I think my optimism is justified ($4+ by January 16th) if C closes above $3.60 by the end of next week. I'm basing this on the repayment of TARP completed, year end tax selling is over, 4th quarter earnings (with an upside surprise)will be announced on January 19th.
Is this post overly optimistic? probably
Am I ready to give up? not quite yet
It's not over till it's over.
Like you said, anything can happen! (especially with earnings coming) One thing is certain, I (we) will get some answers very, very soon............
Happy holidays to you, and I WILL keep the faith!!
I had 1050 jan 4 calls i cost averaged down from .07 to .0471, i was feeling good until 2 days ago. Now with short session today, no trading on cristmas and no trading on new years and everyone gone for the year i put in my bid for .02 tuesday and got out for a nice $1700 loss from a $3000 investment. I took my $1300 and moved on. all in all i wiped out my profits i made during the last 2 months. Just a reminder to myself to only play options on th short side (selling calls). Everytime I go long calls i get burned.
the Jan 4 calls were also my last trade on C. at this point time decay is agaist long call holders. Good luck on your 4 target.
I think you should cut your losses. If you hold OTM calls within the last two weeks before expiration the time decay will kill any chance you've got.
I think your best bet is to place a GTC limit or to sell @.02 that expires the end of the first week of jan. anything you are still holding at that point, sell it at .01 if you can.
With Ameritrade it costs $.75/contract (to buy or sell) so there is no way to sell my options at $.01 or even $.02, the commissions would wipe me out.
There are only 2 ways out for me. The January $4 Calls go up in value and I continue on with Citigroup, or the options expire worthless (most likely, I realize) and I move on to ANY OTHER stock/option!
I recently purchased some Jan 12 $5 calls at .53. I hope to hedge then by selling $7.50 or $10 calls in a few days when tax loss selling dries up. My ulimtate cost should be in the .25 to .40 range. A 7.5 and $10 spread would put even less capital at risk.
Two years out the stock most likely will be close to worthless or well over $5.
I think patient
option traders can make money from those looking for quick
gains and do so w/o risking significant capital.