Citigroup - BUY

[robbie380]

Quote from JSSPMK:

All my trading is wrapped round key fundamentals in trading, I will agree that what will follow does not necessarily apply to stocks, but we are talking about the US biggest bank here, I will add that the reason I don't get involved into fundamentals is because I don't understand them, more so even analysts that do posses those skills make errors of judgement analysing short term movements of price. So I just stick to what I know - pattern recognition. I know absolutely nothing about Citigroup, apart from it being a barometer of a financial sector. Considering my lack of education I have to employ KISS methods & in this instance this recommendation is also based on KISS. I specialise in histogram analyses, if anyone desires to make a comment on indicators' hopelessness, then you can save it, as I heard it all before

Here are some questions I have asked myself before making a recommendation to BUY Citigroup

1) What is C? It's the biggest US banking company
2) Why has the price gone down so much? probably down to Credit Crunch
3) Was the top seen via TA (no matter if hindsight now) Yes.
4) What is one of the main rules in business? Buy Lo, Sell Hi.
5) Where is price now? Near multi-year Lo.
6) What is histogram showing on the Weekly chart? Bounce pattern that at times leads to complete reversal.
7) Does the Daily chart's histogram concur with the Weekly? Yes it does.
8) What do technical projections estimate price to be at IF bounce is to take place? 27-32
9) What would the risk be at? Somewhere not too far from reaction low $17.90
10) What is estimated risk/reward? 1:2.5-4.5

1. citi is not the biggest bank anymore. they are #3

2. lol what do you mean probably? they went down because they were buying garbage that had very little real value.

3. again how can you say the top was clear with TA if it was only hindsight? are you talking about the 52 week high top or the chart breakdown when it broke 45? i agree on the 45 break.

4. you seem new to me so i am trying to be nice but just because that is a commonly used phrase doesn't mean it is the way to trade...especially off a chart. the buy high and sell higher is a much better way to look at things. it's really really really hard to fight trends on mega cap stocks.

5. - 10. if you aren't going to listen to me then listen to CWU since you seemed more receptive to what he said and he was right.

 

[JSSPMK]

Robbie 380, I will submit that I am not that certain what the outcome will be, the only certainty is a stop zone. I may be wrong & yes you are right I am a piker & probably not quite as wise as you are. It's difficult to call an intermediate bottom when the whole stock market has been declining, btw a sell off in C also coincides with stock market's declines, so maybe it's not that C is trouble, but it MAY be stock market correction across the board, there is no way you or I or anybody else for that matter could be certain of. It could be this, it could be that. I used histogram patterns to nail Gold & Crude with their advances, when majority of professional analysts were posting lower estimates, with Crude it was something like 30+ for lower prices vs 2 for higher prices.

Your reply to my point 2, to me, indicates that you assume too much, one thing is assuming & another when you start believing in your assumptions & making them into facts. Who told you that the price went down because they were "buying garbage that had very little value"? Statements like the latter I used to read on Yahoo financial boards.

My Grandfather used to say: - "If you don't understand something, then don't talk about it"

Re:

1. It's still a huge bank
3. I referred to failure to clear $52 level, failure swing on lower histogram peak.
4. Fighting trends, well I won't be fighting it, it's not as if this was my 5th call to buy C

 

[robbie380]

Quote from JSSPMK:

Your reply to my point 2, to me, indicates that you assume too much, one thing is assuming & another when you start believing in your assumptions & making them into facts. Who told you that the price went down because they were "buying garbage that had very little value"? Statements like the latter I used to read on Yahoo financial boards.

My Grandfather used to say: - "If you don't understand something, then don't talk about it"

This is difficult but I am trying....Who told me why their stock has declined? CITIGROUP Have you read anything in the past year about CDOs? Have you read or heard anything the financials have said? Do I need to post the news stories and press releases for you?

please please please try to do as much work as you can to educate yourself on what is going on.

 

[madmaxer]

Quote from JSSPMK:

ImPO C is a BUY now, closing price $20.48, stop HAS to be below $18 & target is from $27-32+, holding period about 7-10 weeks.

I posted this tonight because of the way Daily chart looks, confirms bullish sentiment.

Best to all!

I have rarely added to my losing trades. but I have bought C @ 25 and added 1/2 position @ 20. I'll see the momentum if it reaches to 30 and might sell it there. This is a long term trade and I have not put %5 of my account in there. GOOD lUCK

 

[JSSPMK]

Quote from robbie380:

This is difficult but I am trying....Who told me why their stock has declined? CITIGROUP Have you read anything in the past year about CDOs? Have you read or heard anything the financials have said? Do I need to post the news stories and press releases for you?

please please please try to do as much work as you can to educate yourself on what is going on.

Look, I don't want to hear any fundamental based crap in this thread, only technicals, for 3 reasons:

1. My recommendation was based on TA
2. If I don't understand how to interpret FA, then chances are I won't have a clue how to interpret your interpretations. I leave FA to pros, what they decide to do, to either accumulate or distribute, is a form of art (I suppose) to derive from a chart
3. It's my thread

No disrespect intended.

 

[JSSPMK]

Quote from madmaxer:

Quote from JSSPMK:

ImPO C is a BUY now, closing price $20.48, stop HAS to be below $18 & target is from $27-32+, holding period about 7-10 weeks.

I posted this tonight because of the way Daily chart looks, confirms bullish sentiment.

Best to all!

I have rarely added to my losing trades. but I have bought C @ 25 and added 1/2 position @ 20. I'll see the momentum if it reaches to 30 and might sell it there. This is a long term trade and I have not put %5 of my account in there. GOOD lUCK

Good luck to you Sir, mine is just a recommendation. I don't trade stocks.

 

[stock_trad3r]

People on elite trader recommend the worst stocks. Citi is horrible.

 

[JSSPMK]

Quote from stock_trad3r:

People on elite trader recommend the worst stocks. Citi is horrible.

Don't you recommend stocks on ET? Ironic. But your opinion has been noted.

 

[stock_trad3r]

I have no clue as to why people are lured to calling the bottoms on the falling sectors.

 

[JSSPMK]

Quote from stock_trad3r:

I have no clue as to why people are lured to calling the bottoms on the falling sectors.

There is risk in both trend following & catching falling knives, as long as there is a reason to do so action has to be taken, for me, although this is not a real money exercise (I don't trade stocks), the loss will be treated as real one.