Citigroup Inc. (C)

* BAC is my second favorite bank stock  BAC reported second quarter profits of $0.37/share, well above consensus of $0.29.  The EPS upside was due to a lower than expected loan loss provision ($3.6 billion) and a reduced tax rate - not optimal, from...

* Look to the ground (as bank managements are), not to the sky * Most investors should consider taking a "time out" and maintain above average cash reserves  "Who ya gonna believe, me or your lying eyes?" - Groucho Marx, Duck Soup   While the focus ...

In late June I last updated Citigroup , in Citigroup In A Post Covid World.   Then I wrote:  ...Since then, the world has changed - and so have Citigroup and other banks' share prices. 2020 for Citigroup, as with other large money center banks, will...

Citigroup's results, much like that of JPMorgan , shows a nice beat. Wells Fargo , not surprisingly, disappoints. I will have more on both - but I have to digest and go thru a series of conference calls.

* Bank stocks, viewed as intermediate term investments, are now uncommonly cheap * My June 5 expectation for "backing and filling" in the group has been realized * This week's EPS reports could mark the industry's nadir in operating fundamentals * G...

Next week the June quarter earnings season maelstrom kicks off with 115 companies, including 32 S&P 500 constituents, reporting their latest quarterly results. In recent days we've seen a number of companies up their outlook for the quarter but we'v...

Citigroup has initiated a Sell rating on Beyond Meat BYND, and Netflix NFLX was awarded a Street-high price target of $670 at Goldman , up from $540.    

* C remains my favorite bank stock * Though I continue to expect that money center banks will consolidate their recent gains, the intermediate term outlook for the shares of Citigroup and the other large bank stocks remains promising I last visited ...

* We are all day traders now * After covering my short hedges after the close on Friday I am preparing to reshort the markets * But I will give Mr. Market a wider berth than usual before I short An angry mob of momentum investors pulled down a statu...

* I remain bullish on banks * Wells Fargo is attractive * The back and filling I expected last Friday is now happening One of the market issues I mentioned this morning was the appearance and comments of Wells Fargo CFO John Shrewsberry at Morgan St...

Something feels "wrong" about this market.  Mr. Market is remarkably bifurcated, there is insane speculation in worthless securities and the breadth seems "shaky" -- among many other issues. I ended the day much shorter than I started the day. Jay P...

* I can not ignore this unusual shorting opportunity * Most should not follow this strategy because it involves a large amount of risk Over the last 24 hours I have shorted a package of what I view as highly speculative (some of which are essentiall...

"Admitting a mistake is not a weakness; on the contrary, it shows an openness of your heart. It takes guts to say sorry. Only a strong and well-balanced individual with clarity of mind can do so effortlessly. Taking responsibility for your actions r...

* The large money center banks are as close to "forever" stocks for me * However, the recent rise in the sector - and near +10% opening print higher - have been almost vertical and some backing and filling would not be a surprise * Indeed, some cons...

* Banks stocks are extraordinarily cheap today * In 2008 financials represented a record high 26% of the S&P Index, today they stand at a record low (at close to 7% of the S&P Index) * JP Morgan has a large war chest to absorb loan losses Historical...

* The bears' skepticism (and cautious market positioning) coupled with their collective cynicism towards medical and scientific innovation, and the inevitability of the curve's flattening along with an "all in" Fed, have fueled the market recovery f...

Certainly "obvious" in this environment, but I thought this to be a good visual from Citi : This is my chart of the day!

* Making some moves now... I have added to . I am reestablishing long positions in $99.90 and $103.70. I am adding to and .   I covered a small amount of my $303 and $101.30 shorts.