We had a very quick fling that started Tuesday with Citigroup (C) that I am now breaking off. Needless to say, it was unsatisfying. I bought on the "breakout" earlier this week, hoping the JPMorgan (JPM) report would propel it, as well as Citi's report this morning. Neither caught the market's fancy. Yesterday morning when the JPM reaction was "meh" I sold half the position... I thought perhaps I would be proven wrong with the late day Goldman Sachs (GS) news, but financials stink again today. Therefore, the other half goes today (-7%).
Let it be known if you use simple moving averages rather than exponential you can still make a case for support around $3.94. I am going with what works for me, and since we added other stocks with far more relative strength yesterday I'd rather focus on those than this name, especially because the reason for the trade (a breakout) is not working.
(this is how Citi looks with simple moving averages)
I also threw on some TNA short as a hedge
Short TNA in fund; no personal position
Friday, July 16, 2010
Bookkeeping: Ending Affair with Citigroup (C), Added some TNA Short
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows