Citigroup's recent profit numbers coupled with a market rally has offered a glimmer of confidence to investors.
"Citigroup's internal memo has shifted market psychology to the positive, at least for the moment," said Scott Opsal, managing director, portfolio manager for MEMBERS Capital Advisors Inc. in the March 10 MarketLine Alert.
Opsal said "for a company that made headlines as they sought government support for its continued viability and whose stock price has fallen nearly 80% so far in 2009, that's newsworthy." He cautioned that other factors such as high unemployment and falling industrial activity can not be ignored. But for now, any good market news is welcomed.
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