Wednesday, November 28, 2007

Where are the Citigroup sellers?

Yesterday I was surprised by the mysterious low prints in C at 30.33 after they got the $7.5 billion. We all know the story, as I went on and on about it but what happened today? It closed at 32.35 up $2.03. Where did the sellers go?

They were covering their shorts! Which is why I said this:

Citigroup should not be trading at 30.33 premarket. Take some stock from the bears that are sacrificing shares at these levels, in an attempt to "game" the news. You have a free point off of their shenanigans.

It should of given you the "free" money yesterday. Instead it gave you a couple of points today, when the shorts decided to eat their young.

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