It's been a vicious down market in financials. Hey, I know of what I speak -- I own CapitalSource (NYSE: CSE), Newcastle Investment (NYSE: NCT) and MFA Mortgage (NYSE: MFA) in my portfolio. I've previously discussed how my investments have been left wounded and bloody at the claws of the angry bears that have been running rabid-crazy on Wall Street as of late.

But -- is it me, or do things feel a little better? Has the price action on the major market indexes put you in a better mood? Of course, I'm writing this before the market opens, so sentiment can change on a moment's notice, but still, it's worth noting that investors must study those beaten-down stocks that have a great brand history behind them and that one assumes will still be around years from now. Citigroup (NYSE: C) is a stock I've been thinking about the last couple days, especially after JP Morgan Chase (NYSE: JPM) found itself raising its bid for Bear Stearns (NYSE: BSC). What I find somewhat appealing about Citi's stock is its 52-week range -- the low point was a share price of $17.99, while the high point was north of $55 per stub. No, I don't think Citi will rocket back to the high end of that range anytime soon, but I like that it has bounced off the low. As of yesterday's close, Citi was valued at $23.42.

Naturally, I'm trying to figure out if that $17.99 is the final low. I think it just might be, but I want to wait to see if Citi can go higher from here before deciding whether or not to enter. It would be hard to believe that Citi isn't going to be higher a few months from now than where it is trading at currently, especially considering its post-dividend-cut-yield. But I think the market is still capable of volatile swings even though, as I've stated, my mood has improved. Bottom line: Citi isn't far enough away from its low for me to enter right now. I guess those financials that I already own have got me thinking twice about this Dow stock.

Disclosure: I own shares in CapitalSource, Newcastle Investment, MFA common stock, and MFA preferred stock; positions can change at any time.