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  • Citigroup Inc. (NYSE:C) is Safer than Bank of America Corp. (BAC)

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    Citigroup Inc
    Tuesday August 31, 2010 at 08:23 am EST
     
    Citigroup Inc. (NYSE:C) is Safer than Bank of America Corp. (BAC) if Double Dip in Economy is Coming Soon
     
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    Citigroup Inc. (NYSE:C) is considered safer than Bank of America Corporation (NYSE:BAC) recently after fears of Double dip in the US economy. BofA shares have recovered far better from the lows as compared to C but investors now are skeptic about its future as it does most of its Business in US as compared to Citigroup Inc. (NYSE:C) having its presence worldwide. Bill Fitzpatrick, analyst at Optique Capital Management said "Globally, there's far greater opportunity for Citigroup than for Bank of America,".

    Recent drop in Bank of America shares reflect lack of investor confidence in the U.S. economy. More than half of U.S. households do business with Bank of America in some way while Citigroup is much less exposed to U.S. Markets. Citigroup has only 1000 retail Banks in US compared to over 6000 of BofA. Only 37% of deposits of Citigroup come from US compared to 80% in case of Bank of America Corp. (BAC).


    Shares of Citigroup Inc. (NYSE:C) stock closed at $3.67 on Monday near the support level of $3.73. The support levels below that at $3.41 and $3.19 which are very weak. Resistance levels for Citigroup inc. - $3.85, $3.98.

    Shares of Bank of America Corp. (NYSE:BAC) closed at $12.32 at almost its 52-wk low. No Major Support levels below as consumers are fearing a re-recession. Resistance levels at $13.23, $13.84 and $14.57. 

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