A few days ago I posted about Citi group having "something wrong" with the company. This was because the action of the price and volume did not match what I would have expected given the rest of the market.
Today this: Fraud
This part of the article got my attention:
But earlier this month, Citi learned that OSA had been suspended from being awarded new Mexican government contracts. Citi then began a review of its credit exposure. Pemex said a significant portion of the accounts receivables recorded by Banamex were fraudulent and that the valid receivables were substantially less than $585 million.
"earlier this month"..... That is when I noticed something wrong with the price action.
So some big people knew and were trading on the news. Or not trading on the news.
And that does not mean it was not public news, just that it wasn't widely known.
What else is new?
The point is that tape reading has a useful function. It helps avoid risk.
I closed out a large pos in CLF. I held as long as I could and gave the trade every opportunity to continue what I thought would be a rapid rise. Sold at break even.
I closed out my CORN pos with 2/3 of a pos on due to the fact of sideways movement on large volume.... Maybe I didn't wait long enough. We'll see. I am risk averse lately....
Later,
gh
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All comments are appreciated as it will give me a chance to adjust my content to any real people who may be out there. Thank you. gh