I am a psuedo-positive long!
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Congrats, I'm sure she is as beautiful as her name
That is how I see it also.
Chenzo
Lowest volume day since May 7th.....
May 8th began the climb to $5.44. Lets see what happens next.
GLTA
Chenzo
Bearish engulfment today....I just sold at 1.33......sorry guys, IMO we are going down :(
Chenzo
I'll be the first to sell at $2.00....better set my alert
I've said along that the battle will be waged between $1.00 and $2.00. That is where it can be manipulated the most.
It would not surprise me if, when we do eventually break through the $1.79 resistance, we run to $2.10, only to be pulled back to $1.79 again. From there, the rise will begin as the shorts will be unable to hold down the PPS.
Anyone thinking that FNMA will go from $1.36 to $8.00 is kidding themselves. We will get that big move to $8.00-$10.00 from a PPS in the $3's. IMO the market will not allow a big run (from $1.36 to $8.00)to happen again. Too many eyes, too many articles are on us now.
GLTA
Chenzo
The 50day MA is not resistance IMO. The resistance is $1.78 give or take a couple pennies. We have sold off three times after reaching that PPS in the last six weeks. A close above $1.79 would signal the beginning of the next run to $2.10.
GLTA
Chenzo
They are in the mortgage business, not the landlord business. They do not want to deal with hiring subcontractors, cutting lawns, fixing leaky pipes, replacing carpet, throwing dead beats out.
Chenzo
Thank you for the kind words.....If you recall, the day of Obama's speech, the headline prior to him speaking was that Obama was going to talk about ending FNMA(I'm paraphrasing). Before he spoke one word, the share price dropped from a close of $1.79 to $1.48.
I was focusing on how the market reacted to what he said,
and not what the news wanted us to hear.
Adversely, had the headline been "that Obama would be talking tomorrow about reforming FNMA", we probably would have gapped up and then faded throughout the day as he spoke. Fading, because he gave no real details as to what the plan was for FNMA.
And finally, I cannot be sure, but there seems to be an awful lot of young, inexperienced traders here. Be careful all.
Chenzo
Time is on our side....
The longer we our profitable, the more we pay back to the Fed. The more we pay back to the Fed, the easier it will be to undo c-ship.
In the end, Obama will strike a deal and sell the Govt's stake in FNMA for a huge profit. Maybe holding on to a few million shares just to catch some more appreciation. There will be tighter restrictions and less taxpayer liability, thus the reform.
The democrats will look like heros. By both saving the financial industry and by turning a huge profit which will go to lowering the deficit.
Chenzo
"1. Obama did, in his speech, convey an intention to get rid of FnF; "
If Obama came out and said he wanted to get rid of FNMA, do you think the PPS would be at $1.50 right now? Of course not, we'd be trading at >.70. This was just another attempt to keep FNMA under $2.00. Think about it....we are now sitting 16% lower then Monday's close. We would be a whole lot lower if what he said was interpreted as "getting rid of FNMA". Just more manipulation aimed at shaking out weak hands.
If you are very concerned, maybe you should sell....I know there will be many people out there that will gladly give you $1.50 PS.
Finally, I would love to know what the reason was for our run up on Monday. Any suggestions?
Chenzo
I'm holding for alittle higher. The last two moves have been very powerful. I have a figure in my head, but will watch things very closely.
Chenzo
Real nice close today. Again, entering into week close, FNMA share price rose. This is proof that there is less fear in the water. If anything, it is the shorts who are fearful and are covering because they don't want to stay short over the weekend.
Looking forward to a green week next week. Have a great weekend all!
GLTA
Chenzo
I disagree, I want to by on low volume dips. It looks as if whatever spooked FNMA has passed. Maybe it was the Obama "turn the page" remark, idk.
I like my buy at $1.54, using the support at $1.53. That is also yesterday's close, so should also be defended.
GLTA
Chenzo
In at $1.54 (34K)
MM buying at $1.56 and selling at $1.60.....lets see how this plays out...could be an interesting day
Buy is in, not executed yet.
Chenzo
Edit: while posting this, MM just moved to $1.55
The selling did stop today. Whether the shorts are done having fun, or whatever spooked the market on Tuesday afternoon has been digested and determined it is not the end of the world. Idk.
The waters are safer to go in now. I will be looking to buy tomorrow morning. Hopefully I get a little dip tomorrow and can get in at $1.50. I'll gladly take that.
The last few Fridays have had a change in how they have closed. Previously, FNMA would sell off into the weekend. The past few weeks, FNMA has gained going into weeks end. This signifies a change in sentiment. The view now, I believe, is that there is less fear holding into the weekend. Maybe even some shorts are becoming fearful and covering late Friday.
GLTA
Chenzo
So now the shareholders, some of whom have been holding a losing ticket for more then 10yrs, are supposed to overpay for a share. I think we have just hit a new low......Oi Vey!
Chenzo
I will post when/if my buy goes through. That way I can keep all the name calling and knock knock jokes out of my inbox
Chenzo
I will be looking for the dip so I can re-enter. I have a price in mind......I'll be patient, I think I will get it today or tomorrow
Chenzo
Nice, liking the positive thinking. I do not have PM capabilitities, I am sorry for not responding.
To answer you....No he hasn't and I figured that much out already. Thanks for the support and good luck to you
Chenzo
No, no gap left to be filled. New support at $1.35- $1.36. We bounced off that price twice.
Chenzo
To respond to your last post that was deleted....I'm not bearish, the chart is
Chenzo
I was criticized yesterday when I thought we would hit $1.60. I'll say the same thing to you that I said to him.....the day is not over, the move from 1.53 to 1.58 is on low volume. Be careful....may be a trap. I want to see how we close before I change my mind
GLTY
Chenzo
"NOTHING matters at this point except the ultimate fate of FnF which will take months or years to resolve."
I agree, but then again....anything is possible. That is why we sit at $1.54
"Regarding TA, look at FNMAS, it’s the opposite to FNMA. How can you explain it? Would there be any news that would benefit FNMAS but not FNMA? Or do you believe it’s actually manipulation by the MM’s?"
I can only look at FNMA and what I saw today. It didn't look like MM manipulation. It looked like some serious dumping with no one stepping in and buying.
GLTY
Chenzo
I have no idea what the bad news could be, nor am I saying that there is any bad news coming. All I was saying is that in my experience, a stock that sells off like FNMA did today could signal a leak of bad news. Could it be a bear raid? Maybe, but I don't see it that way.
I think earnings will be great, I don't think that could be the problem. We had politicians talking all day, I was unable to listen in, but who knows what they will come up with. Maybe something they said spooked the share price....idk
One more time on T/A and FNMA....Yes, FNMA is a news driven stock, but T/A cannot be ignored. We gapped up after a nice run late Monday but something turned the sentiment around to the point that we finished down for the day. That, the bearish engulfment, is a major red flag and cannot be ignored. The majority of stocks that experience this type of movement generally trade lower in the near future.
I am going to get some sleep. Nothing more to say on this subject. I have my belief, many here have opposite opinions. We will see very soon.
GLTY
Chenzo
I'm not sure what gap you are looking at. If you are talking about this morning's gap up then why did it not stop going down when we hit $1.61. Because at that point, the gap was filled. The fact that there was no support bothers me, as you probably can tell from my previous posts.
The beauty of this is that we will all see who is right tomorrow and the rest of the week. If I am wrong, I will admit to it. I am posting from experience, not from cheerleading. I am long this stock but trade in and out of it. I am attempting to accumulate as many shares as possible (just like the big boys) before the next big move.
Chenzo
It won't take that long my friend, just read today's posts....It's all there!
GLTY
Chenzo
No, they did not predict today's action, but they may be predicting the rest of the week. Very Bearish signal today.
Are you disregarding the possibility of a negative news leak? Not saying that is what it is, but in my 20yrs of trading I've learned one thing: The retail trader will always be the last to know.
Chenzo
I have to respectfully disagree with you on this one ~Blue~. Today we had a Bearish Engulfment. A Bearish Engulfment occurs when a stock gaps up then finishes lower then the previous close. (I'm sure you know this, I am just documenting this for newbies). It is a very strong chart pattern and says we continue lower.
It would not surprise me to see a gap down tomorrow, in the first hour or so, then a leveling off. I have my price in mind and will pull the trigger if it hits it. Originally I posted that I would fish at $1.50, but I will look lower if it gaps down.
I don't like a late day selloff, especially this one. It could mean a negative news leak. Traders must be very careful here. If you are going to try and pick a bottom, pick a price and then lower it .03-.04. If you are limited to a cash only account, be very careful, you will not be able to sell the same day, if it continues lower, without suffering further restrictions to your account.
GLTA
Chenzo
Ouch, that didn't work out for you. Must be patient! I'm not here to gloat, just trying to help. I did not pull the trigger at $1.60. The support all dried up the last 1/2 hr.
I'll look at $1.50 in the morning but will not hesitate to dump if it doesn't hold. Greater support at $1.40.
Horrible close today!
GLTA
Chenzo
Be patient....probably will see $1.60
GL
Chenzo
Don't like the way the chart just turned. I'm out at 1.68 and banked a profit.
Chenzo
We will now accumulate between $1.70 and $1.73. Going to play some golf. Looking for push at end of day to $1.81
GLTA
Chenzo
Now 460K at $1.72...We are going higher!