Act 2: Citigroup Getting Ready To Go Down, My Brothers!

CITIGROUP UPDATE

CITI CAPITULATES


Their pledge that although they are not seeking an injunction they intend to sue Wells Fargo and Wachovia "on behalf of shareholders"means the shareholders are going to take the fall. If you thought today -- when short selling came back -- was bad...


Citigroup's demise may not happen tomorrow but here's a clue. I tried to acess this story at the Reuters news site one minute after it was published at 6:06 PM EDT. The story was getting so much traffic that it took me two minutes to get a download and another two minutes to save it. The sell orders, shorts and puts must be flying off the screens at breathtaking numbers. Make money on the way up; make money on the way down.


All spotlights are turning to Citigroup. The perception that it may fail is already out there like fresh blood in the water. How much time they have is unknown but I'm convinced they're going down.


Like I said, this will remove all traces of hope. A real, global capaitulation in the Dow 5000s is now possible. I don't know anymore whether it would be better in the five or six thousands. But if we don't get down there, the capitulation hasn't happened yet.


Look, if you haven't got the nerve or skill to talk about Rubicon orFTW, then at least just go out and tell people that there's a guy, backed up by many wonderful people including the magnificent Jenna Orkin, who is predicting things with scary accuracy. He's been doing it for years. Citigroup is easy, quick proof. Go back and look at when I predicted this. You will be helping people and the more we help, the sooner -- the better prepared we are to start building a new post-petroleum/post industrial economy.


Just send them to the blog. They can find FTW and Rubicon from there.


MCR

Citi ends talks with Wells Fargo on Wachovia