Monday, November 24, 2008
Citigroup is up early this morning. It closed on Friday at the scary price of 3.77.
I just sold my *6.28-stock* at 5.90 at 8am this Monday morning.
I knew, I just knew that I should have bought a chunk more. There was no way the Big Government wasn't going to jawbone a *rescue* over the weekend.
However, this changes very little. Any bailout of Citigroup will require hundreds of billions of dollars. Citigroup is definitely a *short* here at $6.
Though, it might easily become a *much better short*. I'll do nothing at this price.
Expect a second, several hundred billion dollar *bailout*, er stimulus, to make its way out of Congress very soon.
Expect it to distract investors from reality and politicians from their profound incompetence.
And expect C-Nut to get short the market again at more favorable prices.