The weekly Citi chart looks dangerous as we are about to break below this strong support at 10. A weekly close below will trigger a strong sell off. We are already in uncharted territory dating back to 1997. The low in 1996 was below 9 and that's what we should see at least. Although by pure fundamentals, Citi is in a situation like GM - this Wagoner (CEO of GM ) needs to be fired - as I write he takes away multi-million dollar bonuses for bankrupting an US icon.The market stays under pressure as we approach the crucial area for the SPX with financials the leading negative force as the awareness of the next trouble zone credit cards and CDO's related to them turn slowly but surely into the next nuke to burst. The TARP is already being used for different purposes as thought. That AMEX was turned into a bank was played down as a news but it's a big one as the contamination spreads out.
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