Tuesday, April 7, 2009

Not a day trader, but ...

Even in the midst of an ugly tape, overwhelming bearishness today, Citigroup was probably a missed opportunity as a daytrade. Really.

C opened way down, 10¢ down at 2.62, but the push from Jim Cramer and Marc Saber got shares back in the green within 30 minutes. 2.72, the previous closing price, might have been a fair entry point. From there, it kept going straight up, all the way to 2.89. Exit point? 2.80, I think, which would've been 3% down from the day's high. That would've been a fairly safe, executable gain of 8¢.

Pennies? Not really. That would've been a fairly decent profit for one day in my perspective. C washed out the rest of the day, somewhat flat, and closed at 2.76 while the Dow was down 200 or so points.

To yo-yo in and out takes freed-up cash, which I don't have because of my horrible habit of chasing. I considered getting out of STP (down big today), but thought better of it. Also thought about dumping WFC, which was near break-even for the day until the final hour. Tomorrow's another day. Always a good time to rethink, regroup and be ready.

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