Something Going On At Citibank?
Looking over the performance of some of the large-cap traditional money center banks shows some interesting bifurcation. JPM will still assume best-of-breed status as it now trades just 5% off most recent 52-week highs, although it is threatening to break below decisively from its 50-day SMA and what could have been called a bullish ascending triangle. The chart below of C is still 13% off its own annual peak (compare that to WFC and BAC which are lower by 19 and 27% respectively) but is making a nice stand at the very round 50 number, which was also a bullish ascending triangle breakout. This week heading into Thursday it has acted the “best” of the bunch, falling the least off by 3.2% thus far. JPM is down by 4.1, BAC by 4.6, and WFC by 6.4%. This could be very telling action going forward. Citibank also pays a dividend yield of 4%, while the other 3 aforementioned names pay in the 3% neighborhood. Above 50 this should be treated in a bullish manner.