As someone who has been following Citi closely, the Citi results are about what I would have expected. The numbers weren’t good enough to force the stock to explode today, but at the same time, they weren’t to the point where they should take out much of the big runup that is built into the stock.
Keep in mind that today is options expiration. We will swing wildly today. My guess is that we could crack $3.70 down and push $4.30 up. The option contracts would call for this to close around $4 per share. Direction should be determined next week.
I am fairly certain there will be somewhat of a wait and see until the bank stress test results are revealed 5/4/2009.
