Citi, our favorite stock in the Walking Dead category, has slipped beneath a decade low at $12 with nary a bounce. This suggests that the stock’s beleaguered institutional sponsors may have opted to dig in their heels at a lower level. Even though they know nothing of Hidden Pivots, we’re betting they will step in at exactly 10.16, our projected low for the near term. Accordingly, you should plan on buying December 10 calls (CLB) for about 1.64 if and when the stock gets there. I’ve included a snapshot of an option calculator that shows how I arrived at a fair price for the calls. The 100 volatility I’ve plugged in is a little lower than current implieds as indicated by TradeStation. _______ UPDATE: Citi rallied sharply off an 11.54 low, mooting out bid, which should now be canceled.