Problems with global banking giants continue. Citi shares tumbled to below USD2 on Friday. Citigroup is pressing the US government to agree on a new capital injection that would increase the authorities’ stake in the troubled bank to about 40 per cent but stop short of an outright nationalisation. The entire story can be read here
http://www.ft.com/cms/s/0/806418a0-0140-11de-8f6e-000077b07658.html
The other side of the Atlantic RBS is cutting its balance sheet by 25%. The entire story can be read here
http://www.ft.com/cms/s/0/55253388-0125-11de-8f6e-000077b07658.html
How do we as traders profit from this?
Keep an eye on the Bank Nifty in India. It has been trending for the last many months and is still giving great short term moves..long and short. For the unprofessional trader, obviously it is safer to remain short.
Monday, February 23, 2009
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