The Anti-Denny Bet has been laid today...

[Denny]

Jesus you are old.

I don't follow Citi all that well although I do have some shares I bought for next to nothing and have considered buying more just as a gamble. But didn't Pandit pretty much come out and say, not too long ago, that they won't make any significant profit or raise the dividend until 2012? In my mind that cuts your two years for something to happen down to one year.

Good luck on the options, it will be a nice play if you are correct, I don't think it is too far fetched to think they would be above that price.

Both you old fucker are old!!!

Oh shit, Eric is old enough to be my daddy!

[Broncojohnny]

Don't get me wrong, I'm not knocking your bet. Citi is by far the least of the majors with egg on its face right now. That would be my bet if I was drinking from the banker Kool-Aid too.

The best major bank is probably Wells Fargo from the point of view of financial strength.

[OldGuysRule]

Jesus you are old.

I don't follow Citi all that well although I do have some shares I bought for next to nothing and have considered buying more just as a gamble. But didn't Pandit pretty much come out and say, not too long ago, that they won't make any significant profit or raise the dividend until 2012? In my mind that cuts your two years for something to happen down to one year.

Which is why I placed the bet out two years. The only reasonable bet on Jan 2012 was the 5.50 calls and even those would require C at 5.86 just to break even.

If the stock could move above $5 this quarter it would be about a 15% payoff. Get up around 5.10/5.20 this quarter about a 30% payoff. I start getting antsy with C down around 4.35 or so. If I get lucky and C finally breaks out of its current range and gets up to 5.50 it's probably worth a 70-80% return.

I just don't see it getting under $4.50 for any meaningful amount of time which will continue to put pressure on the $5 mark.

[Cooter]

The best major bank is probably Wells Fargo from the point of view of financial strength.

yup, my wife and I have pretty good credit, and they won't loan us shit! LOL

[Broncojohnny]

Both you old fucker are old!!!

Oh shit, Eric is old enough to be my daddy!

With age comes wisdom, you should buy some shares of Bank of America or Goldman Sachs

[Denny]

The best major bank is probably Wells Fargo from the point of view of financial strength.

Speculative strength > Financial strength

hahaha... I had to retype that 4 times before getting it right.

[Denny]

With age comes wisdom, you should buy some shares of Bank of America or Goldman Sachs

I'm knee-deep in Lehman Bras and Bear Scrotums.

[Broncojohnny]

Which is why I placed the bet out two years. The only reasonable bet on Jan 2012 was the 5.50 calls and even those would require C at 5.86 just to break even.

If the stock could move above $5 this quarter it would be about a 15% payoff. Get up around 5.10/5.20 this quarter about a 30% payoff. I start getting antsy with C down around 4.35 or so. If I get lucky and C finally breaks out of its current range and gets up to 5.50 it's probably worth a 70-80% return.

I just don't see it getting under $4.50 for any meaningful amount of time which will continue to put pressure on the $5 mark.

Each time it has broken the $5 mark recently, it has been beat back down by a piece of news or market hysteria in regard to banks in general. One of these times it will cross that point and not get beat back down. All of the banks are subject to such hysteria right now that it is just comical. Every piece of news has the hedge funds running and shorting the big bad boogey man of the world, banks and primarily Bank of America. The short interest in BAC just goes hog wild at the mere suggestion that they might have a new problem.

I have been eating all of this up though, waiting for them to take a dump and selling the puts at stupid low prices where the shares make a lot of sense. Wells Fargo at $24-25, shit yes I will take that. They never get that low of course and I get free money, which is my favorite kind of money.

[Broncojohnny]

I'm knee-deep in Lehman Bras and Bear Scrotums.

Better go check your account and see what dividends you been getting!

[Denny]

Better go check your account and see what dividends you been getting!

I'm trying to find it, but my background is red, so I'm thinking the print is red too.

[OldGuysRule]

Put it another way I took about 5 mortgage payments worth and made a bet that if paid off will pay off the remaining 240 months in Jan 13. Ironically... pay off to Citimortgage.

[Denny]

Put it another way I took about 5 mortgage payments worth and made a bet that if paid off will pay off the remaining 240 months in Jan 13. Ironically... pay off to Citimortgage.

hahaha... the circle of fiat money!

[SVT Lurch]

Put it another way I took about 5 mortgage payments worth and made a bet that if paid off will pay off the remaining 240 months in Jan 13. Ironically... pay off to Citimortgage.

If you have any other bets pay off I've got a loan with Citimortgage as well and I'd be happy to let you pay it off for me. Only 177 months left on mine.

[momo]

that's awesome and hope the market goes your way. i may copy you on a much much smaller scale.

[SMEGMA STENCH]

It's on like Donkey Kong!

Squidbillies.