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Thanks. May God be with the judges involved. I pray they stand up for righteousness. Who knows the intimidation they may be facing or will face. Maybe, Chief Justice Roberts.
Couldn't quite bust 100 DMA today $3.99). But FNMA chart history shows a very short lived time under it. Hopefully, we get over that and head up to bump the 50 DMA ($4.19)pretty soon. Also, we will break through the down wedge Phoenix's chart shows.
According to the chart video guy, today we are breaking $4.04 support and heading to the next support in the $3.50s. Keep some cash ready.
Obit, good for you. I am impressed. Wish I could pay you back. Let me know if you are in San Diego and want some free tennis lessons.
Obit, thanks for a very thorough answer to my question. Your service to us is most impressive. I would love to know what motivates you to spend so much time helping us to decipher what is going on. God bless.
The gov't will say "no jurisdiction" and walk out of the court. That's their mode of operation.
This Bully of an administration has certainly always figured out a way to get their way. They pulled out an extremely unusual and unpredicted Supreme Court ruling on Affordable Care Act and then on the Lerner emails look what happened.
There is no reason to think they won't snake out of this court situation. I don't want to be negative, as I am a long stock holder in FNMA, but it is very hard to believe that the Bully doesn't pull another one out. They figure out a way every damn time.
What pressure do they have to do the right thing? This case is not even covered by the mainstream press on iota. In fact, the outrageous "loss" of Lerner's email is not covered on ABC, CBS, or CNN webpages one bit either! The Congress can't hold this administration accountable and the DOJ is totally in bed with them.
I guess rather than defend myself for my negativity, I should ask, why is there such optimism on this case we are following? The Bully might just walk out of the Court and say "Screw you!" Then what? Hmmmm?
Obit, my jurisdiction question stated by a post on the timhoward717 board. Maybe this is clearer:
But it seems that WE, the plaintiffs are in a catch 22. If the judge rules that the FHFA is not government, then she does not have jurisdiction and the suit gets tossed.
If she rules that they are the Govt, then they may get to exercise “deliberative process privilege”. It seems that we have to hope that she rules that they ARE in fact the United States and that deliberative process privilege does not hold up.
Otherwise it all gets tossed. Am I reading this correctly?
Obit, "court's jurisdiction" question.
The judge keeps saying the plaintiff will have the opportunity to see if they can establish the court's jurisdiction.
What if the government disagrees with the judge and refuses to provide discovery because they don't think the judge has jurisdiction? Is this why they are giving the schizophrenic argument?
It would be just like this administration to act independently and above the judge's ruling and take their ball and go home. They have been a bully over everyone in the past few months. What stops them from just leaving? Can the judge throw their attorneys in jail for contempt?
Very simple: Discovery continues!
That is not what the government wanted.
If that is not victory when the Defendant was frantically trying to stop discovery, I don't know what is.
TimHoward717 latest blog post Tuesday 6-10-14 Judge Sweeney has made her order in regards to the proposed briefing schedule in the Fairholme lawsuit. It is basically a repeat of the proposed briefing schedule.
Stay tuned later today,it will be a big day here. Fairholme lawsuit news as well as potential key Perry injunction information. This may be blowing wide open. Keep the Faith!
timhoward717: I know for good reason there has been much confusion in regards to the legal cases involving Fannie and Freddie. I am going to attempt to provide a little clarity on this issue. Followers of this blog know that I have covered the Fairholme lawsuit presided over by Judge Sweeney. I have chosen to cover the Fairholme lawsuit till now for many reasons some of which I can not share at this time some I will. One reason is that until recently I felt that the Fairholme lawsuit was by far our best chance of unraveling and ending the governments scheme to defraud us with the net worth sweep. There are essentially two main legal cases The Perry case and the Fairholme case. When the Perry lawsuit was filed, it was accompanied by an immediate request for injunctive relief. They are foregoing a full blown trial for now and strictly want Judge Lamberth to stop the net worth sweep. The Fairholme case is a full-scale lawsuit. These are completely different legal vehicles, and the trial will take far longer to get a verdict than an injunction. To simplify things I will refer to either the Perry injunction or the Fairholme lawsuit. There are several other legal cases as well, and many of them have been joined with these two. These are the only two we need to be concerned with though. The Perry injunction is Presided over by Judge Royce C Lamberth in the UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA.An interesting note here is that Judge Royce C Lambert was appointed in 1987 by none other than Ronald Reagan, I doubt he looks kindly at the government sweeping private profits into the treasury. The way I viewed these 2 cases were that in the Perry injunction, they were going for the 80 yard hail mary touchdown pass and the Fairholme lawsuit was more like a hard fought 80 yard touchdown drive. Due to recent developments I no longer think of it as a hail Mary pass. I will be creating a new link on the top of our home page entitled “Perry injunction.” Here I will post legal documents beginning with Perry’s original complaint. In the near future, I will attempt to bring people up to speed on the Perry injunction.
Both cases are at critical points and have progressed far faster than I ever imagined. Things will be moving quickly, and it may not be long before we have another major breakthrough in either case.
The confusion regarding the legal matters has been widespread. There have been numerous news articles that severely mix these two cases up. Some times information from both cases is combined as if there is only one. Other times I have seen hastily prepared articles implying to be about our cases when in fact they contain nothing relevant to our current legal status. It is critical that people understand that there are 2 distinctly separate cases.
I must say that after talking to many people on both sides of the political spectrum I must say that if Judge Royce C Lamberth does not side with Perry in the Perry injunction it will be looked at historically as the day conservatism died in America. I do not believe he will let this happen. America is too great of a nation to go down the failed road of the Soviet Union,Russia or Hugo Chavez. Keep the faith!
Pharaoh, ascending triangles are clear and the last three combine to form a larger triangle. This happened on the prior 2 smaller ascending triangles and resulted in a big upward move.
It sure looks like the next upward move could be a large one. What do you think, 7,8,9 or 10? All seem viable to me.
Zargis, I would appreciate your views on this:
If we don't break out of the Bollinger bands in the next few hours, I see a right shoulder filling out of a possible head and shoulders on both the 60 minute and daily charts. If so, we would have a buying opportunity at 4 or lower.
Please know that I have a long bias as well. Thanks.
I can receive private emails, but I am limited in sending them.
Yes, Zargis, I do my own TA, but I simply wanted to toot your horn for a job well done. For years I have seen great trading value in TA and I like to recognize someone who posts helpful information.
Yes, we are all responsible for our own decisions, but I enjoy hearing from others that understand the value of a less emotional and more scientific effort upon which to base trades. Have a great day and thanks, again.
Zargis, very nice job on your TA so far today.
I appreciate it, as I traded on it. Please continue to keep us informed of your TA.
Please stop the gap crap! Last week a clear definition of a gap was posted. It dispelled the myth that a gap is a departure from the previous days' closing price.
A gap is an opening price gap from the high or low of the day of the previous day! It's simple. The HOD Friday was $3.98. If we opened above that price we would have a gap up. The LOD (low of the day)Friday was $3.81. If we would have opened below that price, it would have been a gap down.
Just look at a candlestick chart and use common sense on what a gap is. Stop the nonsense that it is simply a change from the closing price. Geez.
You think $4 is key? Get this. Look at the chart above the message board. Guess what just reached the $4 mark? The 50 day moving average.
Look back many months and the PPS hangs around and often uses the 50 day moving average for support. For sure, the entire last year.
Do we break $4 next week and then for the first time the 50 day moving average is support at that key dollar level? I think so.
That may effect re-listing???
Obit, your presenting the facts, the laws involved, and unemotional logic is most commendable. The best I have ever seen on a stock message board (in 15 plus years of using boards for information). Thank you for all your efforts to help us.
I would like to know what you sense is the most likely unfolding of the court actions. I know you like to just have this "come to us" and you are not one for sensationalism. But given the judges responses to discovery and the quality attorneys' apparent strategies on the shareholders behalf, can you tell us what you think could likely happen or even not happen in the courts?
I apologize if you have already spoken to this and I missed it.
Thanks, again.
Chessmaster, thanks. Gap explanation can't get any clearer than your link.
Ada,you nailed it. A gap is a gap from previous days trading, just as you said.
Gaps based on previous day high. Be glad it is. We would have to go way down to close gaps if it was based on previous day close. Start with 3.50s. Not true though.
Check the history of gaps on a FNMA chart and you will see.
Because I didn't have the cash for 500k. Just bought all I could.
Myogenix, it ain't gonna happen. I will never lose my core Fannie holding.
But trading the gaps works each and every time. If you check candlestick charts daily like I do, it's a slam dunk.
BTW, go Trailblazers!
Depends on how you view gaps...The high yesterday was $3.91. We took out that gap earlier this am. That could do it.
However, FMCC hasn't taken out its gap from $3.91. We all know that FnF stock prices move in concert. Another dip will happen.
Yes, we praise you as you praise yourself. However, the truth is this stock price, as manipulated as it is, could have had a wild down movement today. You and nobody else knows what is next...
Thanks for that in-depth analysis and explanation of your opinion.
Can't close above 50-day MA
Bumped it 3 days in a row, only to close just under it.
Erin unbiased?
Yes, she is likeable, but she is very very biased politically toward to a bigger, more intrusive government. Not our type. We want the damn gov't to leave our shares alone.
obit, that is one of the best posts I have ever read ever. thank you, sir.
The call is all about FNMA and an update on his (Tim Pagliara's) research on the situation. He is talking now. Giving history of FNMA in conservatorship in 2008 and what happened in 2010. VERY interesting. David T. Sims announcement I share the other day was for real.
Some of you are overly skeptical.
David Sims conference call to begin in 10 minutes
I called in and the moderator asked me who is hosting the call. I told him Tim Pagliara (per David Sims email) and he let me in.
Listening to music now. Conference call begins at 11am (PDT).
David P. Sims, Manager - Financial Reporting & Analysis at Berkshire Hathaway
Google Message Board for FNMA David Sims. Huge.
Don't miss David Sims post on Google FNMA message board.