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Saturday, August 15, 2009

Citibank Revisited (Updated)

UPDATE: As someone pointed out, apparently C's $4.53 print was a misprint or something or a rogue spike . Both Stockcharts and Bigcharts shows the $4.52 high. At 11:15 on Friday, it spiked from $4.06 to $4.52 in less than a minute and was back at normal. How strange indeed.
Figures it would ruin my nice thesis.

A short while back when C was sub $3, I predicted it would rally above $4.48 even if just briefly It hit $4.53. Funny how that works.

Somehow I think C is destined to break above $5 again, even if just briefly. They say when a stock goes under $5 it never recovers. I think the statistics runs at about a 95+% failure rate. So I am speculating (pure speculation - waves may have been fulfilled here) that C has one more pop above $5 in an effort to recover.

Of course in this day and age where the government determines if you win or lose, you have to factor that in. We the taxpayers are ensuring C is selling at what it is. Otherwise it would have been toast.

I still think it will be toast in the long run.
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