Citi Is 47% Of All NYSE Volume

Tyler Durden's picture

Thank god for that secondary, or else there would be no volume in the market today. No, seriously. Courtesy of the biggest and most botched secondary offering in history (you are welcome overpaid Citi bonus recipients), and thanks to Goldman et al buying up every share that has a $3.1x handle (we'll see how long that continues: after all someone has been loading up on Citi CDS to the gills) Citi accounts for 47% of all NYSE volume. Add the other fins, and the HFT are running straight out of luck. Watch for the cannibalization among the high frequency scalpers to start in earnest very soon.

Here is the ratio of C to total NYSE volume:

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Altan311's picture

Can I just get some of those SHiti Bank shares from the gubment instead of my tax refund?

dead hobo's picture

Shiti Bank (Phonetic spellling only)

I think South Park has a new local business to welcome and a plot line for 1/2 an episode. All it needs now is a major Chinese stock buy-in and this is an eposide that writes itself.

China - now is the time for all good Chinese to come to the aid of the party. Shiti Bank is dirt cheap. Uncle Stupid has a vested interest in propping up the stock price, at least until it can dump what it owns. The Fed will look after you from that point on. You can't lose. Plus you get to laugh at Uncle Stupid on a daily basis for allowing the mess that he made to let you in so cheaply. Just think how easy it would be to cash out some of your UST wallpaper. You might even get to have phone meetings with the President (due to bad weather). Don't be a commie simp, China. Go for it.



TraderMark's picture

Green shoot alert

Ford unveils new car to appeal to US consumer.... the 1993 Taurus ;)

90 second video

Green Sharts's picture

Funny that Wells Fargo screwed Citi once more.  They snatched Wachovia from them (come to think of it, Wells probably screwed itself with that gambit) last year and then jumped in front of Citi's equity offering with a $12.25 billion stock sale of their own.  I wonder if Wells Fargo suspected Citi's offering might close the window on large bank equity offerings for awhile. Not that Wells needs capital or anything.

I will hazard a guess that Citi's 28+ billion shares outstanding (to be 29+ billion when the preferred equity units are converted), is a new world record.  Cramer says Citi will be a $12 stock in a couple of years like that's nothing.  If Citi were a $12 stock today it would be ahead of Exxon Mobil as the most highly valued U.S. company.

omi's picture

I bet cramer got paid for that stock infomercial really nicely.

Anonymous's picture

My only thought when I see Jim Cramer is

'Cocaine is a hell of a drug'


orca's picture

Having to object to "most botched secondary offering in history". ING just finished theirs today in the Netherlands, EUR 7,5bn for 85% dilute, and they managed to sink from EUR12 on the day of the announcement to EUR5,50 this week, after the rights claim was issued but before the new shares were allocated. The dilute was menat to be in the region of 40-50% but due to chaotic press announcements at the beginning of November surrounding the rights issue and the sale of several entities the sorry thing was first denied, then un-denied, then denied again and finally withdrawn. Citi definitely takes silver, ING wins hands down on the most botched secondary offering e.v.e.r.

deadhead's picture

absolutely hysterical.  thanks TD.

someone keeping a bid under wfc today @26...maybe they are buying their own common now that they don't have the tarp rules???

i still think today's JPM initiation of TARP recipient "we'll pay it back in 2010 fer sure" PNC at "overweight" is the most outrageous call of the day.  Talk about trying to prop up a bank now that the secondary window has been closed (at least until QE v. 2.0)

Cognitive Dissonance's picture

If you look closely at the second Citi (volume) chart, you'll see that during the initial stock market move in March, Citi led the way up. After the market stalled around June/July, Citi again led the way back up.

Think GS is trying for "3 times a charm" with Citi or simply milking the last drops out of the cow?

Shh, the spirits are about to speak.

crosey's picture

Decline/Advance underlying - 3:1

Decline/Advance volume - 10:1

anynonmous's picture

check out the volume that the trading platform that I use showed for Citi today

nonclaim's picture

I wonder if the (600) is a shorthand for that much more zeros ;)

cougar_w's picture

Two algos enter the cage, only one comes out ...

HFT Smackdown! Boo-yeah!

johngaltfla's picture

That is just too funny. Between this entry and Marty Feldstein telling Bernanke and Obama that the recession is still ongoing I would say it is getting close to piling into the short end of the market.


After Santa belches the cookies and milk up on the 26th.-:)

Hephasteus's picture

Bell curve fail in 3... 2... 1...