Citigroup announcing more writedowns potentially. It`s a play on the news. I short it and will do the same with Merryl Lynch.

Citigroup is another so called `blue chip` financial company that is being massively oversold on the markets over fears stemming from the sub-prime collapse. Hovering around its 52 week low, I believe this stock to be trading at a significant discount to its real value. It should return to $30 around mid year & $36 by years end.