We were briefly long some December 17.50 calls yesterday but bailed out for a piddling loss of less than $30 when the stock failed to do what we had expected. We also naked-shorted a November 12.50 put for 1.20, reducing our premium risk on four Nov 15-20 put spreads that we already owned effectively to zero. We are in a position to not give a hoot what Citi does for the next month, although our bet will work best if the stock doesn’t strengthen too much. Regarding Citi’s legal battle with Wells Fargo over Wachovia, the most bullish scenario possible would be for Citi to lose the fight, since it is not in a position to make hay with an acquisition.