CIT Group CITGQ Stock Analysis

The following is technical analysis on CIT Group, Inc. (CIT) for November 4, 2009

CIT Group, Inc. (CIT) support and resistance levels - 11/4/09

Resistance Levels - $0.286, $0.31, $0.55

Support Levels - $0.20

Chart - http://stockcharts.com

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CIT Group, Inc. (CITGQ.PK) stock tanked after the company filed for bankruptcy protection. The stock was then delisted from the NYSE and now trades on the pink sheets. The following analysis is strictly for trading purposes only....I would not buy buying CIT for long term purposes. I am watching two key resistance levels regarding CIT Group, Inc. These two resistance levels would be Tuesday high of $0.286 & the low from August at $0.32. If CITGQ breaks above these two levels, I plan to jump in for a trade. I would then place my stop loss order at $0.29. This is extremely risky since the company is bankrupt but sometimes these new pink sheets stocks have the tendency to run. As long as CITGQ.PK trades below $0.31, I don't want to own it at all. For More Technical Analysis - Go Here

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CIT Group Inc Delisted, CITGQ.PK New Symbol

November 3, 2009 - Shares of CIT Group Inc (CIT) will be trading under a new stock symbol after the NYSE delisted the stock yesterday.

CIT Group will be trading on the pink sheets under the new symbol CITGQ or CITGQ.PK.

CIT Group Inc (CITGQ.PK) is set to open at yesterday's close which was $0.25. Usually after a stock gets delisted, shares are very volatile 1-2 weeks afterward.

I will have more analysis tonight but first I need to see how the stock trades today. There will be resistance at $0.30 & $0.37 for starters.


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CIT Group CIT Stock Analysis - Bankrupt?

The following is technical analysis on CIT Group, Inc. (CIT) for November 2, 2009

CIT Group, Inc. (CIT) support and resistance levels - 11/2/09

Resistance Levels - $1.00, $1.05, $1.33

Support Levels - $0.67, $0.31

Chart - http://stockcharts.com

Discuss Stocks - http://stockstobuy.org

CIT Group, Inc. (CIT) tanked again Friday as the fear of a prepackaged bankruptcy was the topic of discussion going into the weekend. As I have been saying over the past two months, I would be avoiding this stock under the 50 day moving average and $1.00. If CIT would close above $1.33, I'd think about buying the stock. No news yet on any bankruptcy....news could come as early as Sunday or Monday. CIT would be expected to emerge within 2 months. For More Technical Analysis - Go Here

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Circuit City files for Bankruptcy 11/10/08 CC

Circuit City ( CC ) announced today, November 10th, 2008, that they company will file for Bankruptcy and reorganize under Chapter 11.

• Circuit City Remains Fully Operational and Open for Business
• Company Has Negotiated a Commitment for $1.1 Billion in Debtor-in-Possession Financing
• Company Intends to Build on Recent Efforts to Streamline the Company and Create a Stronger, More Competitive Business

Circuit City Stores, Inc. (NYSE: CC) today announced that it has filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia ("Bankruptcy Court") in Richmond, Va. The company plans to continue operating the business without interruption as management focuses on developing and executing a comprehensive corporate restructuring plan. Circuit City's Canadian operations also will be seeking protection under the Companies' Creditors Arrangement Act in Canada ("CCAA").

Full Press Release - http://newsroom.circuitcity.com/releasedetail.cfm?ReleaseID=346614

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Lehman ( LEH ) Bankruptcy Chapter 11 - Merrill Lynch Sold to Bank of America

Barclays and Bank of America dropped out yesterday in the effort to save Lehman Brothers ( LEH ). This led to only one thing. A Chapter 11 Bankruptcy Filing. Lehman Brothers ( LEH ) now will be wiped out on the equity side but is still trading in pre market at .46 cents per share.

AIG is very week this morning and they appear to need Capital or they could be next. AIG is trading at 7.03 down 42%.

MER Merrill Lynch is up 20% in pre market on the buyout news.

Who could be next? AIG, Washington Mutual ( WM ) all trading very low from a week ago.