If you'd told me on Wednesday morning that the Citigroup (C) I sold was at the bottom, I'd think you'd be right a good amount of the time. It's just that I was willing to sacrifice selling a portion at the bottom for fear that any more damage might have put me over the edge causing panic, etc.
Now, if you'd told me that the C shares I've got that are currently covered by calls would be in danger of being called away at $20, I'd have thought you were crazy. But, that's where we are today. What a wacky crazy week.
I did manage to add to my Goldman Sachs (GS) position in the retirement account... added some at 104.45 yesterday. So, for the record, the shares have a cost basis of $113.79. I did sell some tech to finance that purchase, but I guess I'm on the good side of that at the moment.
I guess in short, it sure looks like the little guy (me) sells his C at the bottom. On the bright side, I didn't sell off too much of it.
As much as this market jump helps me, I am not necessarily a fan of the outright ban on short-selling of financial stocks. Of course, I don't have all the information on it, but it doesn't feel right. Creating an imbalance like this can't be what's in the best interest of the markets, but what do I really know.
-- Edit #1 --
Okay, the market's closed, and C closed above $20. Come Monday, I will be down to only 25% of my original position. Who would have guessed? Clearly, I did not.