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Citi loses one trader after another trader

The sum is greater than the parts and in the case of C this is just not pretty.

C may be a huge bank but so much of their profit to weather the storm of the "crap" they have on the books called "assets" is evaporating quickly.  There has to be a better way then what we have but when Volcker gets done and the largest banks are no longer in America paying taxes will we really be better off?

Hall is gone,Glasser is gone, Carpenter is gone, Newton is gone, Schonander is gone.  Moving forward with lower profits from trading and the government selling off its stock which is about 30% of the float and it doesn't take much to see that C is facing some serious headwinds to get above $5 a share anytime soon.

I cut back on my size and will either cover with long dated calls or iiquidate and pretty much do the same thing by writing puts as it appears the most likely thing for C to do right now is float between 3.75 and 5.25 for the next few months with most of the time between 4 and 5 in my opinion.

Housing is a mess.  The numbers coming out may be half way good or even pretty good but I would expect for the next couple of months they will stay pretty good but the home buyer tax credit is now gone and the last of the houses will close by the end of next month.  I can't find any serious movement in Washington that gives me the impression it is going to be renewed (of course if housing really goes into the tank that could change fast) and with interest rates more likely than not going higher in my opinion C may have a tough time getting and staying over $5

I am currently long C


Disclosure: Long C and likely cover with near money long dated calls