Can we C clearly?

A scary proposition. You know, there once was a time when being involved with a bank stock was about as exciting as getting a kiss from your wig-wearing, prune-faced, fishy-lipped second-grade teacher. I somehow managed to be have well enough to avoid that fate. (Yes, Mrs. Ward, you were a great teacher, I came to learn. Effective as hell.)

Take Citigroup. Perky commercials. Well-branded. And sucky to the max after dropping to $1 a share from a high of $55. Then, a funny thing happened. The CEO said they made a profit for the first time in two years. Sure, never hurts to have Big Brother flushing your coffers with beeeeeeeeeeeellions of bucos. But after the CEO's positive remark (via memo), the stock rose to $1.40. Hate your penny stocks (ahem) or not, that's a 40% gain in one day. ONE DAY.

I hate gambling, but this is something worth watching. I don't anticipate touching C. Mara Der Hovanesian's piece asks about the "toxic assets" that Citigroup cannot rectify. But I will watch rather than guess. Playing C would be the equivalent of playing black jack in Vegas. Or worse?

One thing is probably, my opinion: The feds aren't about to let Citigroup go over the cliff. Does that mean shares will settle in at $2 or $5? Who knows. The optimist can yodel that major volume (1 billion shares) were traded on a huge up day. The cynic can murmur that this stock is completely forked.

I'm thinking "play" money is all right on C at $1. Just like Apple at $78, though trading C would seem more like trusting deadbeats and card sharks with hard-earned cash.