We hold four Jan 7.50 calls purchased yesterday for 1.75, but I’ll raise the cost basis if I hear from any subscribers who paid more. The stock’s collapse yesterday was stunning, since it steam-rollered two Hidden Pivot supports and just kept on going. Both of the pivots worked, although not for long. The first engendered the biggest bounce of the day — a 58 cent-er precisely from the 7.75 pivot — but it gave way about 75 minutes later. The second, at 7.09, was breached by 7 cents initially, creating a low at 7.02 that held for about 80 minutes. Now, there is immediate jeopardy to 6.10; or to 5.86 if any lower; or to 3.58 if trumpets sound from on high. Accordingly, I’ll recommend stopping yourself out of the calls if Citi exceeds 5.92 to the downside. I am suggesting this mainly because the firm’s share price feels like it is skirting the vortex of bankruptcy. Incidentally, if it goes, as I mentioned here earlier, so, probably, will UBS. _______ UPDATE: With Citi looking bound for oblivion, we exited the calls for 1.22. The trading loss per contract was $53.