willrob - 22 September 2009 09:20 AM

$Billyall - 22 September 2009 06:32 AM

Singapore’s GIC Pares Citigroup Stake to Below 5%
 
Since this was back on Sep 11th and the following 2 days had high selling pressure would it make sense that this roughly 4.5% of the float being sold contributed to the selloff?

Looks like Eric just bought their shares!

I may have bought some of their shares since I’ve been steadily scaling further into C.

The trading investment thesis is that it appears that tax selling, if any, took place with options expiration. Next month the $5.00 strike calls and puts are loaded with plenty at $4.00 and $6.00 suggesting, as I said before that C will float up to $5.00. If that takes place, I expect some kind of overshoot since Mr. Market nearly always overshoots in any up or down draft.

Furthermore, as a wildcard, we’ve got performance chasing taking place as more and more funds accumulate comfortable that by the time 2010 comes to pass, the worst of the economic pullback should be over. As such, now looks like it may be a good time to move money into the market even as the bears try to sell us all on the double dip theory (visit ticker forums to listen to all the systemic bears and Bear Cave™ people talk doom and gloom as only CNBC could in their wildest misguided dreams).

On the technical side, the .DJI is forming a classical cut and handle. Even so, with C I’m watching the simple moving 20 steadily move upward. I’m watching for the 20 to cross the simple moving 50 because the momentum crowd should pile in when or if the 20 does cross the 50. The MACD still says long and strong (although people will sell if the signal line dips) and the RSI, although pointing up suggesting that the stock will rise, is in neutral territory.

Meanwhile, shipping container traffic is “on fire” confirming that Financials and shippers are leading the recovery.

http://www.businessinsider.com/us-container-trade-is-on-fire-2009-9

The bears getting slapped by the journalist in the comment section is informative as well.

FDIC may tap U.S. banks for funds: report

REUTERS
Reuters US Online Report Business News

Sep 21, 2009 23:22 EST

(Reuters) - The Federal Deposit Insurance Corp may ask healthy U.S. banks to lend billions of dollars to restore the health of the depleted fund that safeguards bank deposits, the New York Times reported, citing senior regulators.

The paper said the initiative, which has gathered strong support across the board, is seen as a more attractive alternative to tapping the $500 billion line of credit with the U.S. Treasury, or yet another emergency assessment.

According to the paper, the FDIC was reluctant to approach the Treasury department for additional funds, since any new borrowing could be seen as a bailout, and have a strong political reaction.

The FDIC, whose board members were yet to reach a consensus on the issue, is expected to issue a proposed plan next week, to replenish the dwindling fund, the paper said.

The FDIC could not be immediately reached for comment.

Eric Landstrom - 22 September 2009 09:25 AM

The trading investment thesis is that it appears that tax selling, if any, took place with options expiration. Next month the $5.00 strike calls and puts are loaded with plenty at $4.00 and $6.00 suggesting, as I said before that C will float up to $5.00. If that takes place, I expect some kind of overshoot since Mr. Market nearly always overshoots in any up or down draft.

Octobers OE is the same day C reports earnings. Do they do this on purpose, or are they simply clueless when it comes to their investors?

willrob - 22 September 2009 12:52 PM

Eric Landstrom - 22 September 2009 09:25 AM

The trading investment thesis is that it appears that tax selling, if any, took place with options expiration. Next month the $5.00 strike calls and puts are loaded with plenty at $4.00 and $6.00 suggesting, as I said before that C will float up to $5.00. If that takes place, I expect some kind of overshoot since Mr. Market nearly always overshoots in any up or down draft.

Octobers OE is the same day C reports earnings. Do they do this on purpose, or are they simply clueless when it comes to their investors?

Alex, I’d like to go for clueless at 399 Park Avenue, please. On the other hand, the drama, oh the drama! 

In other news Bloomberg reports that we just had the strongest two year treasury auction in the past two years debunking the inflationists theory once again.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azIcC0ZQAMk8

Moise Levy is liking C today.

Wednesday

R4         5.04
  midpoint   4.97
R3       4.90
  midpoint   4.83
R2       4.76
  midpoint   4.74
R1       4.71
  midpoint   4.67
PP       4.62
  midpoint   4.60
S1       4.57
  midpoint   4.53
S2       4.48
  midpoint   4.41
S3       4.34
  midpoint   4.27
S4       4.20

CaptainBoom - 22 September 2009 09:40 PM

Moise Levy is liking C today.

He’s got a future in this trading gig.

It is a gap up kind of a morning. Today we have crude inventories at 10:30 and FOMC rate decision at 2:15 where the street expects no rate change.

CNBC reported that mortgage applications rose 13% last week suggesting increased buying interest.

150 million shares traded so far, and the price hasn’t changed from the open. These penny up/penny down channels C gets into are very frustrating.

willrob - 23 September 2009 09:31 AM

150 million shares traded so far, and the price hasn’t changed from the open. These penny up/penny down channels C gets into are very frustrating.

Well, at $4.70 it’s up $0.05 from the open, or more than 1%, which is more than any of the indexes. I’d say that C is having a rip-roaring day!

It opened at 4.71

Fed-speak! Inline with expectations. Woot, woot!

And C drops a nickel.