Thursday, April 02, 2009

Citi suckers investors. Again.

Yesterday an analyst at Citi advised buying May puts on XLF - to rephrase, to bet against itself.

Mish wrote this up and added "I'm not bullish on financials, but considering Citi hasn't gotten anything right, this might be a good time to buy."

Then the mark-to-market news broke today and financials took off, including XLF. So much for those May puts.

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