Financials in Trouble! I posted on the Ace Talking Stocks Forum a few days ago to keep an eye on Citi…
There are rumors
going around that Citigroup (NYSE: C) has lost a lot of money in the FX (currency) markets….this is not
confirmed by any means, but I haven’t seen anywhere that C is denying it
The source of the rumor is a Portales Partners analyst, so this isn’t your run of the mill rumor with no legitimate basis….this is a pretty serious thing if the US $ shows strength. However, this analyst is a lone wolf among analysts covering Citi as most analysts see more profits for the banking giant. Nonetheless, this analyst (Charles Peabody) has made some successful big calls in the past.
broke the lateral support at $50 this week, then bounced some, but now
faltering again….a possible good short setting up here?
Another view of the Citi Chart….
one’s a little different from the 13-34 chart which is a setting I
maintain on many financials…this one uses my more traditional
3-13-50-100-200 MA lines….notice the recent lower high and lower low
but it’s still waiting on the 3-point confirmation (that is another
lower high–that’s not clear yet, but could have already happened)…