Like I said on my previous posts regarding OIL - it is currently trading between 33.00 and 48.00USD. Continue to buy and sell and make money using this range until further notice. I still remain very bullish on OIL long term.
The half nationalization of Citigroup today will not help the markets - you do not need to be a rocket scientist to know that things are very ugly right now and the markets are to be used for trading at this point; not investing... However, remember the emotional aspect the heavy short ratio of the markets - every time we get one of these very ugly days (specially on Fridays), we get a bounce of over 250 points on the DOW but, I would not buy anything to keep over the weekend, I would wait in cash until Monday as Monday may not be any better than today, 02-27-09.
I have provided the list of stocks (just see previous posts) that you can use to position yourselves for any bounce - continue to use this list.
Regarding C - Citigroup will not fail - the government just cannot allow it. This is a trade for speculative traders - just like when it hit an all-time low of 1.61 on 02-20 all the way up to 2.95 on 02-25; it just does not get better than this!
Citigroup has a number of businesses that all alone are worth between 5.00 and 10.00USD (i.e. Global Transaction Services) - it is simply irrational to value the entire company at 1.50USD per share.
Enjoy trading!
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