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This is all my fault guys.
I sold 4000 shares of FMCC on Tuesday, thinking it was going to stall out.
Given any price point, on any random stock, most will see lower AND higher prices following it. Even if it takes years. When that price point is a gap, people have extrapolated this observation to mean that gaps usually fill. So then they wrongly believe that a gap magically puts pressure up or down on the stock price in order to fill it (except when it doesn't).
Granted, gaps are associated with massive swings in price, which are often over corrections. Here it isn't the magic of the gap that makes it fill, it's the over-correction.
And what causes most gaps? Market valuation change during after-hours, causing a gap when trading resumes. Why should this change be more in need of a correction than one during trading hours?
It's charting superstition.
Is the OTC market open on Monday?
FMCC posted $30 billion in profits last quarter.
To put that in perspective, they could have bought twitter today - the whole company.
Have they tried turning it off and on again?
Did FNMA release their financials today too? Or just FMCC?
9 straight closes above $2. Hasn't done that since 2008.
Here's something I'm ignorant on - when earnings are reported, are they reported mid-day, after markets close, or any random time they want?
Also, where's the best place to find the report?
Like May 17th, today is unremarkable - the day after a streak of increasing volume/prices ended on a downturn. Also a Friday.
Didn't DeMarco say something to the effect: "Reduce FNMA/FMCC's market share, but NOT remove it"?
Also threw out a lot of "post conservatorship" lingo.
Come again? Isn't this HUGE news? Wasn't Corker leading the charge to dismantle FAM/FRE?
Freddie just broke through 2
Freddie keeps bouncing off 2.00
You've implicitly indicated you know the percentage.
So what is it?
So that's why the Nasdaq went down today! LOL
Well that was a boring day
U6 figures are calculated and published by the Bureau of Labor Statistics, not the Obama Administration.
One congress critter's allegation that FAM/FRE were unsustainable had me shaking my head. Excuse me? They've been around since WWII! If they're unsustainable, I think we would have found out about it decades ago.
Amazing how their "unsustainability" came about when banks were dreaming up new exotic mortgages that they bought and secured themselves, and nefariously (illegally in my opinion), had them boundled into AAA securities that they paid to have rated AAA.
Guess what!? FAM/FRE wasn't the problem! S&P and Moodies et al were!
Obama Meeting With Financial Regulators Today. http://livewire.talkingpointsmemo.com/entry/obama-meeting-with-financial-regulators-today
Chart's don't apply.
Congress can convene tomorrow and dissolve FAM/FRE, and it's worth 0. Or they command it out of conservatorship, and it's $30 +- 50%. Charts can't show that.
Why would that happen? Where were these massive gains from the 40s to the 90s?
"if FnF can go back to what they once were it would lead to massive rise in house prices and therefore massive gains"
No, people knew the profits were going to the government well before the ER came out.
"Do you realize what you're saying? I already provided proof of one instance where the chart was right... YET, you are claiming to have listened to "all of them" and none of them were right? Huh? "
If I have sixty charts predicting a die roll, I would expect ten of them to "predict" it right.
It doesn't mean they actually did any prediction.
"These "two great American companies" you speak of are not viewed as such by the public. Surveys have shown that the vast majority of the public has a very negative opinion of Fannie and Freddie"
And I wonder why that is. It's not like the GOP has been trying to lay all the blame for the housing and credit crisis on them, despite all evidence to the contrary. Can't let any holes creep into their "government and regulation always bad, private markets always good" religious belief system.
Don't worry, I just stopped the drop.
Just put in a limit order for 4000 at $1.12, FMCC is currently sitting at $1.14. This means it will never go below $1.13 for the rest of the day.
I never fail to price my limit orders 1 cent on the wrong side.