I dumped the C position at a not quite optimal time, locking in about a 300$ profit. I was hoping to be less of a day trader for once with Citigroup, but one thing really got to me:
It looks like the kind of extended rally we're hoping for is one that Always starts with a two day rally, what the MauiTrader calls the follow-through. I could've imagined this follow-through happening, especially with our open, until the news came out that home prices declined for the first time in 40 years. This kind of problem would certainly hurt the economy in general and the financial sector in particular.
However, I think that I'm not in a good position to guage the impact of this news. Since it's come out 37 minutes ago, the market has bumbled around flat, and C has traded within a dime of my sell point. There's a good chance that this news has already been priced in, and that pretty much nothing can stop the bull from charging over the next few days.
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