I've been getting pounded with work lately and most of the time I don't even get a chance to check out the markets until after they close! I don't have much funds available as I invested my remaining cash into this one penny stock where I see potentially large gains, but once I get those they are coming straight to citi! I know it's risky but the potential was too hard to pass up.
Back on topic:
I am getting concerned about citi, I think if the North African/Middle Eastern Crisis gets worse and the threats that Gadaffi is making become a reality, we will see a huge plunge that may even take us back to the lower end of the $4 range. If situations really worsen that bad I think seeing $4.10-$4.20 can become a reality again. Citi has more exposure outside of the US than any other US bank which is why Citi is being hammered when you compare it to a stock like Bank of America (Something I sold off way to early in panic).
I had around 10k or so cash left to play with which is where I'm putting in these two orders
1200 @ $4.67 (FILLED)
700 @ $4.54
Right now I feel it is too risky to cash out my Line of Credit on this, and I know you suggested opening a Margin account, but there's too much paper work with that kind of stuff which I must go to the bank to fill out but have no time for at the moment.
I'm holding long at least until the end of 2012 (hey Mayan theory may come true right? <--Joke) which at that point I'm going to need the money to pay off for for a few things. Until then I'll just keep buying a little at a time on dips, my cost is $4.10 but with the money I made from day trading this a few times when earnings came in it brought my average to just under $4.00.
Good Luck!
AI
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