I sold my position in Citgroup at 47.00 taking a loss. The Citigroup position was meant to be a short term trade, but the sub-prime meltdown is causing massive selling pressure in C. Citigroup’s earnings were strong and they are on their way to improve bottom costs, but I did want to fight the trend anymore.

From the chart below, you can see C crossing over several moving averages and currently testing the 500 MA.

I added 400 shares of Nordstrom’s ahead of their Q2 earnings on August 16th. My entry was at 47.80. If sub-prime continues to wreak havoc on the markets next week, I will close out my position and wait for conditions to improve.

This entry was posted on Sunday, August 5th, 2007 at 2:24 pm and is filed under Citigroup, Nordstrom, Today's Trades. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.