People keep asking are stocks cheap. Should I buy these “USED TO BE” great companies at these historical low levels! NO! Citigroup (Public, NYSE:C) closed at $1 dollar today. Many uneducated investors are licking their chops like “man, I get that now and it goes back up to $50 dollars, I’m rich! Even if it just goes back to $10 dollars I’ve made a lot.” If these past few months have been your first time looking at stocks, don’t make any company whose stock is less than $10 your first purchase. If you are a trader, then trade the pops and short squeezes but don’t invest in these companies. It is not time to invest in the stock market; only trade it. We need to see at least General Motors, Citigroup, AIG, and Bank of America fail first. Then we can start looking through the rubbish. Until then take your dollars and go to McDonalds, exotic dance bar, homeless person, or donate it to charity. Just don’t give it to Citigroup!
Side note for traders: There will be a massive short squeeze triggered rally within the next 7 days. Citi will probably quadruple in value. Buy it on the rise and sell on the rise. For others who haven’t set up any brokerage account, you probably just going to miss out.