As Citigroup passed $5, I was asked by several people why the stock has been so strong recently.
There is no news, but the JPMorgan report was a big catalyst. Citi is a low priced stock, and there is lots of speculation earnings will be positive (Street consensus $0.00). They report on the 19th.
All the big banks are up this week:
(figures as of this writing)
Zions up 9.3%
Citi up 9.3%
Bank of America up 5.4%
Fifth Third up 5.5%
JPMorgan Chase up 4.5%
More on Banks:
- Citi Shares Hit $5, Could Reach $6-$8: Analyst
- 'Fast Money' Traders: Citi Breaks $5—A Buy Sign?
- Banks Much Better Off Now: Regulator
The Bear's View:
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