Today's Outrage: Watch for the Citigroup Share Smackdown

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NEW YORK ( TheStreet) -- If recent history is any guide, Citigroup ( C) shares are in for a smackdown.

The stock may continue to see a little more upside after two days of gains, and Citi's announcement that it sold its Nikko Asset Management unit in Japan for about $1.3 billion may offer more support today.

But Citi stock has a way of resetting after every gain and has pretty much been unable to break out of a trading range between $3 and $4.

Don't believe me? Play the Citi Smackdown game (based on actual price history and news events) and you'll get the picture.

The Citigroup Smackdown!

Unfortunately for shareholders, there are still too many issues ahead that could be troublesome for the market.

Having completed the conversion of preferred stock (including the government's holdings) for common stock, the arbitrage trading is now over. But the bank is seeking approval to issue 60 billion more shares if needed down the road. And many business units, in particular consumer loans, are still struggling.

Among the big banks, Citi remains the dog, with the stock down 52% for 2009.

By contrast, Goldman Sachs ( GS) is up 85% this year, Morgan Stanley ( MS) notched a 75% gain and JPMorgan Chase ( JPM) is closing in on a 20% increase.

Bank of America ( BAC), which right or wrong is frequently lumped into the same category as Citi as a TARP poster child, is only down 4% this year.

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