Citigroup Inc. (NYSE: C) opened at $51.60. So far today the stock has hit a low of $51.35 and a high of $52.01. As of 10:20 this morning, C is trading at $51.98, up $0.40 (0.8%).

After spending most of 2006 trading in a range between $47.50 and $50 the stock shot up to $57 to close the year but has fallen this year back to around $52. Jim Cramer featured Citigroup this morning on his blog as a stock that is doing things all wrong. Cramer pointed out that he thinks CEO Chuck Prince is doing a bad job, evidenced by today's announcement of layoffs at the bank in an attempt to raise the stock price. Cramer's opinion is that the best way to lift the value of C would be for Prince to either resign or be shown the door. The technical indicators for the stock are bearish and slightly improving while S&P gives C a very positive 5 STARS (out of 5) strong buy rating.

For a bearish hedged play on this stock, I would consider a September bear-call credit spread above the $57.50 range. C has never been above $57.00 and has shown resistance above $55. This trade could be risky if C earnings (due out on 4/16) are positive surprise or if Mr. Prince were to resign, but even if the stock rises some, this position could be protected by the resistance just above $55.

Brent Archer is an analyst on the move at Investors Observer. (Free Subscription)

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about.