CIT Challenging Key Levels (CIT)

CIT Group Inc. (NYSE: CIT) Is getting “pantsed” this morning on the NYSE.  Goldman Sachs Group (NYSE: GS) has trimmed the size of its loan.  Rather than $3 billion, Goldman is loaning some $2.13 billion.  This is two days after CIT raised $4.5 billion and as it continues on its restructuring efforts.  At 8:56 AM EST we have shares trading down 7.3% at $0.88 on almost 1.4 million shares.  Of course the volume is extremely high at 87 million shares on average per day, but this gets the stock within striking distance of yesterday’s $0.85 low and with the $0.82 low on OCT 13.  We saw those same levels in early-August.  JON OGG