AVOID Citigroup…As I Mentioned Early On Friday
April 21, 2008 8:36 AM
I mentioned early on Friday to sell C and if you wanted to be long financials, swap it out with XLF, and that the rally in C was complete nonsense. It proceeded to fall below it’s open the rest of the day. But you shouldn’t be adding to new positions here on XLF, you would be chasing, IMO. The trade was to be long in the high $24’s as I said pre-open on the 16th. If anything, you should be looking to take some off the table here.
If a trader, you could look to short the stock under $26.00 with a hard stop there…but not a huge fan of shorting a gap higher…but that is the only trade to be made on C here.
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