Took a gamble and put in a buy order for Citigroup last week at 5.00 when it was trading around 5.40. I did my research. Checked reports, call/put options, potential good earnings report scheduled for today etc and figured 5.00 was probably pretty safe. It pulled back enough last week to execute only to be slammed the next day thanks to the completely coincidental SEC charges filed against Goldman Sachs. Naturally.
So, I doubled down and bought some more at 4.60 with a tight stop.
It luckily stablized around that price on Friday. They did in fact report earnings of 4 billion dollars for the quarter....best in 2 years which shot the stock up over 7%. I'm hoping it will move over $5 tomorrow and will continue to move up throughout the year. I bought it for a short term play only figuring I could make more if I played smart than just letting the money sit in cash and earn 2% interest.
Monday, April 19, 2010
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