Charting Stocks

Citigroup has suspended mortgage applications at a unit which produced nearly $58 billion (half of the their mortgage business)  after the bank discovered that  income verifications and property appraisals were ‘missing.’ Other missing information includes employment verifications, phone numbers, credit reports and rent verification.
In a letter to clients, Citigroup stated that the division has stopped [...]

Financial stocks are beginning to show signs of weakness with Citigroup (NYSE: C) looking the most vulnerable.
Citigroup stock (chart below) was the first in this group to break their previous uptrend line. With RSI under 50 and the MACD indicator turning negative, it appears that Citi may be under some pressure in the coming weeks.

The US government issued approval for 10 of the nations largest banks to pay back the TARP money.  The banks are:

The Morgan Stanley Smith Barney deal is now official.  The new wealth management firm officially launched this week and has more than 20,000 financial advisors with $1.7 trillion in client assets. The firm has been formed through a joint venture between Morgan Stanley and Citigroup. Morgan paid $2.7 billion for a 51% stake in the [...]

It was only a month ago when Citigroup CEO Vikram Pandit assured the public that his troubled bank was “Profitable” for the first 2 months of 2009. The news sparked an immediate rally which lifted the oversold stock market from its March lows. We, at Charting Stocks, did not share in the new found optimism [...]

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Shares of Citigroup “Broke the buck” today trading down below $1/share, the lowest in the history of the company. The stock traded at a high of $57 only 15 months ago and hit a low of 97 cents today.
Two weeks ago we warned that Citigroup and Bank of America would be taken over by the [...]

Citi Shares Drop Below Their $1.50 ATM Fee
Last week, we warned that Citigroup and Bank of America would most likely be taken over by the US government within 60 days. Our prediction proved to be optimistic by 58 days, in Citi’s case.
Last Friday, amid growing “rumors” and in an effort to calm investor fears,  [...]

Bailout #3 for Citigroup
The Government has reached a deal to buy 36% of Citigroup’s common stock. The United States will now be the largest shareholder of the troubled bank (But don’t call it nationalization). Citigroup announced another huge quarterly loss. The firm lost $10 billion in the 4th quarter of 2008 and has suspended dividend [...]

The Dow Jones reports that the cost of protecting Citigroup’s (C) subordinated debt against default rose to distressed levels Tuesday amid widespread uncertainty over what new government involvement in the banking giant would entail. Credit default swaps on Citi’s subordinated debt are trading at 8/11 points up front, according to Phoenix Partners Group. That means [...]