Quick question for you guys….Citibank just sent a letter out saying that they are operating at a profit for the first time since 2007.
Here is my thoughts here; how is it possible for a corporation to supposedly run at a 9billion profit (before tax, and write offs…lol) when just a couple weeks ago they got a lot more than that from the government..ALOT more. It seems to me this is more BS from the industry that everyone is eating up…
What do you all think?
It seems to me this is more BS from the industry that everyone is eating up…
Yup, the markets will probably trend upward on that news. I think that was the purpose. They had to do something.
Looks like market manipulation to me.
I’m glad to see a few of you agree. It just doesn’t make any sense at all. If they were running such a profit what was the need for a bigger steak in the company by the government (never agreed with any of the bailouts to begin with…like most of us here…, but not the point…). The craziest thing of it all is it seems as though people eat it up like candy.
I just imagine a broken down van at a school handing out poison candy to children…..I guess I shouldnt be surprised, but still…
The relief on some investment forums is amazing. They’re saying things like, "whew, the turnaround is finally here."
This is just like a bottle rocket – everyone says ooooohhh and aaaaaahh on the way up until it fizzles out and falls back to Earth. There are 2 hours left in the trading day – giving a big chunk of it or even all of it back would not surprise me.
If you know what your looking for there are likely many, many Put entry points being laid out today. But don’t just jump in – do your own work and confirm that there is in fact an entry point.
There’s going to be a lot of info put out in the last two hours that won’t come from anybody on CNBC, CNN or FOX.
Now here is a headline that makes a little more sense…
‘Regulatory reports show 5 biggest banks face huge losses’ just written yesterday, lol
Ok, good to see this. ‘Cause when I read the news about Citi and profits I was thinking "Haven’t I been reading all kinds of dire things about them recently?, Hmm maybe it’s a ‘different’ Citi?" It would be interesting to read an analysis to explain this ‘amazing’ turnaraound. Of course I’m sure those profits will be used to pay back some of the bailout money they received! Yeah, right….