I'm buying Citigroup... triple bottom?

Quote from dsq:

i think C is gonna get wacked hard to 25...too many think this is a bottom...Citi is floundering at the bottom it doesnt even bounce.Even when the CEO left the stock tanked 8 points...You would think something positive would happen....The only thing you hear is every body saying this is a bottom....who knows but i think there are better trades out there....on citigroup, going long is just a guessing game
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C closed at $29.56 today (Dec. 27, 2007).

Since this is right at its potential support area of $29.50, a rebound at this level is likely, even if rather modest.

Short term, C does not appear to be very exciting, in terms of the magnitude of future price movement, compared to other stocks. See, e.g.:
http://elitetrader.com/vb/showthread.php?s=&threadid=112449

For some idea of how reliable or faulty my past look-ahead assessment of future price movement is, here are some more public-record references:
http://elitetrader.com/vb/showthread.php?s=&threadid=112757

Regards.
 
Quote from ET70424:

C closed at $29.56 today (Dec. 27, 2007).

Since this is right at its potential support area of $29.50, a rebound at this level is likely, even if rather modest.
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The rebound at current price level, should it happen, appears likely to be well under a dollar, with immediate resistance potentially at $29.8, then $30, then $30.25. So this potential bounce appears likely to be under $1, even possibly less than $0.50.

Of course, we can also see C break through $29.50 level without much of a rebound at all. This bearish scenario is still probable or likely.

A worthwhile short-term bottom is likely still lower. The $25-$26 area right now looks much more promising than the $29.5 area, for staging a more sustained, and tradably worthwhile, rebound/rally.


Regards.
 
Quote from 4XIS4U:

Now, that's funny to hear all the technical talk -- don't forget that fundamentals come into play sometimes... have you done a valuation for this stock? $5 bucks? really? before it becomes Microgroup it will become CHINAgroup and maybe we'll have a ChinaSoft too...
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book on BSC is 93 I believe
:-)
 
Quote from turkeyneck:

Is the dividend cut a given and factored in the stock already? When will they officially announce the dividend cut?
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Earnings call next week on the 15th.

I think too many are expecting a dividend cut and have indeed already priced it in. The most aggressive call I've heard is a cut of 40% on the dividend. Many analysts are still neutral on any cut at this time.

I will also add that I don't know the last time C ever cut its dividend?

We shall see next week (at this time I'm assuming a cut, but there's still a strong possibility it won't be cut).

Good Luck!
 
Quote from nitro:

Imo C is a good buy for the _long_ term investor. However, imo this stock trades down to $25 ish.

nitro
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C at a tad below $25.00. It is getting very enticing, especially some of the preferreds. At this point, in a bear market, it may well trade to $18. But nibbling at it is a must imo for the long term investor, in very small quantities.

nitro
 
a couple of days ago i started a thread stating i would buy citi on friday around 24.50. i am watching friday for a buy. this is a short term trade.

bgp

p.s. i still feel citi will go down to 15.00 down the road.
 
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