C – Citigroup (Last:3.51)

We bought 800 shares yesterday pennies off the intraday low, but because this was a Pick of the Day that may have attracted the interest of relatively inexperienced traders, I am not entirely comfortable about having gotten aboard in the final hour of the session.  We’ll play the hand we were dealt nonetheless, sticking to a 3.49 stop-loss and a 3.77 offer for half of what we  acquired.  The stock looked to be basing after we boarded, but there is no predicting whether the fragile low at 3.51 will survive a change of mood come morning.  There was news Tuesday night concerning a stock-purchase deal with Abu Dhabi apparently gone bad, but it’s hard to guess how this will effect Citi at the bell, since the bullish implications of the deal had been ignored to begin with. _______ UPDATE (2:04 p.m. EST):  Citi has spent the morning boring bulls and bears alike half to death. We stuck to our discipline nonetheless, exiting on a stop-loss at 3.49 for a $4o trading loss.