Dan Nathan Gives Update On His Winning Citigroup Trade

On November 30, Dan Nathan suggested to his followers a bearish options trade in Citigroup Inc C. He saw some weakness in the banking sector and he predicted that the stock is going to test its support at $60.

He was right as Citigroup tested $60 last week and it closed the week at $58.35. The put spread he bought is now worth $3 and he wants to take profit and move on. Nathan said on CNBC's "Options Action" he wants to be consistent with his call on the banking sector and he is going to continue to sell rallies into the new year.