Long term call: C

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I was burned by calls on Citi. I made a bunch, invested a lot of that right back in, managed to use two upswings to my advantage, but got too greedy and got burned on the triple dip.

That said, I just started buying up Jan 2010 calls. Because this craptastic time will likely be with us for a while longer, but I think C is pretty much bottomed out. Given the fact that right now you can pick up a 2010 $20 call at $3.60 (the right to buy 100 shares of C at $20 for $3.60 per share or $360) seems to me like a pretty safe, solid, and likely profitable long term bet. Then again, Citi could crash, but I dont think that is likely, though I do think the rebound will be a slow one.

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