Yesterday (Wednesday) Citi put a sell offer at $3.15, ten cents bellow the price at which the government bought their shares. A smart move that temporarily eliminated the danger of unexpected sell of more than 5 billion shares from the government. The price paid by the bank is that it has to sell more shares at that price to get the desired 17 billion dollars.
At least now we know the shares sold the last 3 days were not from the government. About 3 billion shares changed hands. Maybe some of them were shorts but whatever the case someone bought that quantity.
Interesting point now is to see who will enter as a shareholder in Citi. The quantity offered is about 23% of the current shares outstanding which is quite a big percentage.
The technical picture hasn't changed much from yesterday's view of the chart. The things are still pointing downward. And in the aftermarket the level of $3.2 was touched. We could see a spike to $3.15 and even some bellow but the stock is becoming to look more and more oversold.
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