Why the hell is Citi up?

Nobody thinks the end of the world is here anymore. For a while I think bad news is good new that hasn't heard that bad news isn't reality or allowed by Obageitanke. There going to print money and screw anybody until every business and person has a positive balance sheet.

:mad:
 
They just called me to inform me that my credit limit was reduced to $1 over my current balance.

Now they should be able to stay solvent for another 10 years.

I might have to buy a few shares!
 
All the penny financials soared. bottom picking combined with the pref arb short covering I suppose. Short interest in C is only 4%(according to shortsqueeze.com as of mar 14), I'm very surprised how much this stock rallied
 
Correct me if im wrong... C is diluting its common shares by around 80%.

Again, why is it up?

It should be trading around under a dollar.
 
Quote from Nofear777:

Correct me if im wrong... C is diluting its common shares by around 80%.

Again, why is it up?

It should be trading around under a dollar.
More...

Some dillution was priced in before the announcement. However IME when stock prices get so close to $0, emotions tend to drive the stock rather than rational earnings calculations, people seem to enjoy buying cheap lottery tickets. We see this in this forum a lot, big names get driven close to $0 and folks start to asking whether its a bargain and why they think its headed to $20
 
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