I have never owned Citigroup (C) before and as with any stock the first time you buy, you have to get a feel for how it trades. As I anticipated Citigroup is a fancy name for Ultra S&P 500 ETF as deemed by HAL9000. More or less it will give you double the beta of the market... and is hostage to the XLF ETF.
I was a bit disappointed by the JPMorgan (JPM) numbers today, all the good news simply came on a change on loss provisions. The market doesn't seem to like it much either. Citi reports tomorrow but the more important thing is in the stock market gone wild, where every stock is a 1:1 correlation to the S&P 500 and indeed almost every stock within a sector is treated the same - the JPM reversal has hit Citi. So what looked like a potential breakout over the 200 day moving average is (for now) a fake out. Hence I am going to cut the position in half at small loss and we'll see how it goes tomorrow. If the financial ETF cannot breakout, you can pretty much mail it in in terms of owning any larger banking stock.
Just another great example of brainless trading when every stock within an ETF is the same to HAL. See below - no difference among all 3 charts, if I erased the symbols you'd think this was all the same company:
Long Citigroup in fund; no personal position