Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Two Ways To Play: Citi Needs To Regroup

By

Strengthen your portfolio in good times and bad.

PrintPRINT

Trouble Looms For Citigroup

According to the New York Times, the worst may be yet to come for Citigroup (C). After a full year of losses, a nearly 70% plunge in its stock price and a government rescue of $25 billion, analysts are still skeptical the company can find its footing. At issue is the credibility of its management and board. Insiders say the company is racked by office politics, and some are skeptical that Vikram Pandit, finishing up his first year as CEO, can regain his grip.

The performance of Citi's stock price yesterday was of particular concern. In one of the largest point gains for the major indexes in history, its stock failed to rally, closing down 2% by the end of regular trading.

From the Bull Pen: Those testing the upside in Citigroup can set a tight sell stop near $9.50. Another bank to consider is Wells Fargo (WFC) on this morning's pullback. A sell stop can be set below $28.

From the Bear Cave: In the financial sector, bears can consider Deutsche Bank (DB) on a rally back to $40 resistance.


Quick Check Around the World

Asian trading closed with the Hang Seng 2.43%, Nikkei 2.72%, Sensex -1.58%, Taiwan 0.34% and Shanghai 3.05%.

Glancing towards Europe, we see the CAC 2.69%, DAX 3.95%, FTSE 3.94%

As of 8:00 a.m. EST, S&P Futures are trading -15 to 892, and Nasdaq futures are -13 to 1220.


A Look At Commodities

Crude oil is trading +0.21 to 58.45. Gold is +30.20 to 735.20. Silver is +0.555 to 9.355 and copper is -3.450 to 161.50.

The dollar index is -0.211 to 86.743.


On the Radar

Economics

08:30 Import Price Index
08:30 Advance Retail Sales
08:30 Retail Sales Less Auto
10:00 U. of Michigan Confidence
10:00 Business Inventories

Happy Friday! Good luck!

What are the pro traders saying about your stocks?
Minyanville's Buzz & Banter - 14 day FREE trial

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE