Citigroup shares were downgraded to SELL by Goldman Sach. As I have pondered before I would respect a downgrade when the stock is at respectable levels for investors to get out. At 50 or 45 perhaps. But at 33 when one sees a downgrade of a otherwise solid company me thinks its a buying opportunity. These stocks - financials - these days provide great trading. We sold C at 36 last week- and I promised to buy if it comes down to 33 or so. I got 32.25 and I am happy.
The retail stocks are sulking again. Amazing trades. We traded COH and JWN from 32 to 36. JWN is 31 today- so obviously a BUY. Nordstrum slows down but is not dead. Consumer is watching his pocket but the class of consumer that shops at Nordstrum will not switch to Walmart- ! One of these days, maybe this week the retails sector will bottom. Black friday - the post thanksgiving shopping day -this year may unfold bad numbers- all the bad news will be factored in this week. Thats my opinion. So buying some retail out here- JWN at 31 ann TGT at 53 -will be good for our money-making ideas.
Thats it for today- market looks like oversold ... and the bounce is imminent. Lets just test the August lows- have a huge selloff so we can start feelin better about the year-end. Hang in there. Its not the end of the worldm yet!
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