Dykstra: Attention All Detractors

All wins make me proud, but some are extra special.

I take particular gratification when I can prove my detractors wrong. And I love to show newcomers who aren't quite sold on my system that it does in fact work, even when some picks look painful at points. Over the last two months, I have gotten quite a few emails questioning my picks in the investment banks and financial stocks.

To be specific, many were concerned about the status of my Citigroup(C Quote), Morgan Stanley (MS Quote), Wachovia(WB Quote) and AIG(AIG Quote) picks.

My response to those writing in was simple: Keep the faith, stand tall. I told them we have plenty of time because we picked January options.

I had a big day yesterday, grabbing three more wins. Wachovia is the only one of the four picks that still remains on the board. Citi and AIG both crossed the finish line on Wednesday. Morgan Stanley turned in a huge $13,860 win last week.

I first picked Citigroup (Jan $20 calls) in a free column that was posted on TheStreet.com on May 20. The stock went down and we needed to average down (or rebuy) six additional times, giving us a total of 70 contracts. We lowered our average entry price to $2.40. In all, we committed $16,800 to the position. But it was well worth it ... $7,150 worth it. Yesterday, Citigroup moved into the win column.

Citigroup was a great play. Some of my picks require an initial investment of more than $16,800. Citigroup required that much only after several rebuys. Look at the profit compared to the investment plunked down.

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