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Or maybe not really dead at all. I *knew* citibank would bounce back from $1, and made a tidy profit on a small amount last week (5000 shares at $1, sold at $1.41) but jeez, it is up over $2 today and climbing.
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People who have played with financials during this drop probably have made an obscene amount of money (% wise). Financials, in general, has been beaten so hard, there's really not a whole lot of bloody pulp left... BUT the spring was pushed down so tight because of the fear of nationalizing that a mere comment from Pandit was enough to shoot off that sector into the massive rally that we see now.
Alas, as I have mentioned in another thread, I don't think this kind of rally is sustainable though. I mean, it may be sustainable in the sense of the Dow returning and settling to a level before the fear of banks getting nationalized, but from a trading point of view, that's a lot of risk to take to stay in....
So, that's why I am seriously planning to exit soon. Even I have made gains, and there's no harm locking that in.
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