Hold C Stock Don't Panic Sell after Citigroup NYSE:C Earnings Announcement
Submitted by vinny on Thu, 10/15/2009 - 14:34.
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Lot of people are selling C stock in fear, disappointment and panic. I suggest patience. If you currently have C stock, then Buy C Stock and consolidate your position further on dips or simply hold Citigroup (NYSE:C) stocks.
Today we can only see panic selling in the market. There is a golden rule in investing in stocks. "When you sell in desparation, you always sell cheap" and "Be greedy when others are fearful and Be fearful when others are greedy."
Todays earnings announcement by Citibank doesn't surprise me. What are we really expecting, a turnaround from negative EPS to a positive EPS within 1 quarter. Isn't it too much to ask for when the economy is just improving? Citibank will be back in business by Quarter 4 and will post a positive EPS next quarter.
Another very important rule is never TRUST large investment bankers and brokers, they will always panic you in this situation. When retail shareholders start selling, these investment bankers start buying these stocks at pennies. Then they start jacking up the prices, to make it lucrative. Retail investors comes back into the market at this stage hoping to make money and thats when they exit. Its like a cycle, they use you to make money. I worked for 7 years at a investment bank broking arm before getting into day trading.
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