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Thursday, March 25, 2010 3:15:29 PM
that had the vultures circling at the start of the year was Citigroup [C 4.3085 0.1585 (+3.82%) ]. Many thought the bank was a can’t lose trade on the short-side as the government began dumping its monster 27 percent stake on the market this year. What they didn’t count on was Uncle Sam being content to sit on the shares for a while as consumer credit quality made a faster-than-expected recovery.
According to Bloomberg News, a preset selling plan for the government is not set to begin until next month, around the time when Citigroup will present first quarter earnings. The shares are up more than 5 percent on the news.
With the possibility of an upside surprise in earnings, “you don’t want to be short this stock another three to four weeks,” said Kaminksy.
Many things on Wall Street have changed in the past year, put this maxim still remains: “The market can stay irrational longer than you can stay solvent.”
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