Citigroup is up 290% from its March 2009 lows.
I don’t care about the headlines today that Goldman Sachs earned $1.66B in 1st-quarter, surpassing Wall Street’s estimates.
There’s only one thing that makes a stock go up and it’s a greater moron than you.
Some skittle brain has to be willing to buy the stock after you do to drive it up higher. In other words, you are hoping that someone out there has a smaller brain than you do regarding Citigroup.
There’s been a lot of morons chasing Citigroup as of late. How many fools do you hope will still pile in after you?
Short term, Citigroup is way overbought.
There is a tough resistance zone between $4 and $4.32
But the most revealing thing about this upward move is that the Aroon indicator bull line has fallen below 50. This means that the current upward trend has lost its momentum: something that institutions don’t want you to know until it’s too late.
You should book your profits and wait for a pullback in Citigroup for another possible entry sometime after their next earnings announcement this Friday.