We had a very quick fling that started Tuesday with Citigroup (C) that I am now breaking off. Needless to say, it was unsatisfying. I bought on the breakout earlier this week, hoping the JPMorgan (JPM) report would propel it, as well as Citi's report this morning. Neither caught the market's fancy. Yesterday morning when the JPM reaction was meh I sold half the position... I thought perhaps I would be proven wrong with the late day Goldman Sachs (GS) news, but financials stink again today. Therefore, the other half goes.
Let it be known if you use simple moving averages rather than exponential you can still make a case for support around $3.94. I am going with what works for me, and since we added other stocks with far more relative strength yesterday I'd rather focus on those than this name, especially because the reason for the trade (a breakout) is not working.
(this is how Citi looks with simlpe moving averages)
I also threw on some TNA short as a hedge
Short TNA in fund; no personal position