Low volume today, but it looks like $4 is pretty good resistance so far.  Maybe this is the double bottom going back to Oct 28th?

It always amazes me that so many millions of share trade in a day with only a few pennies of range.

61 million shares so far, and C is, if not on fire, showing great strength at the open.

gatesofhell - 06 November 2009 09:43 AM

61 million shares so far, and C is, if not on fire, showing great strength at the open.

  If 3.96 does not hold I think a trip to 3.80 is in order and hopefully a double bottom off that level.  Dick Bove’s comments on the banks (thanks for posting Eric) may trigger more buying today and the next few days.

I’m going for 3.50-3.57 for the final bottom on C.  The 200 day is there as well as a support / resistance line.  Seems like it would be a huge stretch to get there but that’s what I"m “banking on” before real buyers come in and this stock moves up.  I’ll add to my position if we do in fact hit that level, if not, then I miss the move.

Sure seems to want to stay above/around $4…

OT: good blog on FNM and BAC loss provisions.

http://brontecapital.blogspot.com/2009/11/fannie-maes-results-oh-and-what-if-bank.html

dc930 - 06 November 2009 12:25 PM

Sure seems to want to stay above/around $4…

Close at 4.06. No gain, no pain.

willrob - 06 November 2009 04:02 PM

dc930 - 06 November 2009 12:25 PM

Sure seems to want to stay above/around $4…

Close at 4.06. No gain, no pain.

Is boring good?

C is one of those stocks that the HFT (High Frequency Traders like to target). This is exhibit A of what is wrong with the stock market.  Market centers of which they are now over 60 ( think back to the days when they were only the NYSE and Nasdaq) are offering rebates of up to 1/4 penny per trade, to the likes of the great squid to drive churn.. This is how Goldman sachs can generate record trading days with 1 down day in the last quarter.

http://www.bloomberg.com/apps/news?pid=20601087&sid=afxeZy5a_Dz8&pos=5

Eric Landstrom - 04 November 2009 10:50 AM

Tan, people purchasing bank equities right now are looking down range past the further 5,000,000 foreclosures that are expected to take place over the next 18 months and considering what the banking landscape will look like then. That’s the trick of buying low: when you can buy low, nobody else wants to buy. 

Juggling falling knives, is an exciting hobby, but one that leads to many fingerless aficionado’s.

Just look at all the “Formerly Unfailable’s” that are no longer in the game.

I think there are MUCH safer ways to make more money, perhaps it isn’t as much fun as skydiving with hankies for parachutes, but your odds of making it to the ground ALIVE, are oh, so much higher.

Eric Landstrom - 28 October 2009 10:39 AM

runedge - 28 October 2009 10:13 AM

Anyone doing anything here?

I’ve a limit order sitting at $4.06.

Edit: Blew right threw my limit.

People ask me how I do it and I say there is nothing to it: you just stand there looking cute, and when something moves you shoot!

What’s everyone’s take on C’s obvious underperformance recently compared to the financials?  In a market that isn’t moving one way or the other, are people putting their money in more secure banks, and avoiding C as a trading stock?

dc930 - 13 November 2009 03:01 PM

What’s everyone’s take on C’s obvious underperformance recently compared to the financials?  In a market that isn’t moving one way or the other, are people putting their money in more secure banks, and avoiding C as a trading stock?

DT said that Apple might be buying the retail banking assets from Citigroup.  Spread this rumor please, I’ve loaded up tons of calls .

Probably all known by now but John Paulson bought a rather large stake C this past Q while scaling back his BAC, GS, etc. positions.  C was trading up AH and BAC flat to slightly down.  Maybe this will finally push C towards 5$ for good.