Fannie Mae-No Politics (FNMA)

[big-yank]

I think there are a lot of traders that took or had and then enlarged positions during the 98 cent dip that were hoping for a fast decision in court. Now stuff has bogged down, and with the decline in S/P's from the legal setbacks, those same traders are preserving a tidy margin by selling FnF's and scooping up bargains from the broad market declines elsewhere.

I very much doubt there is any leak on the Perry Appeal decision.

If I was sitting on cash, I'd be buying more FNMAS when it bottoms. Since I took major positions in Apple, Valeant and Twitter in early July, I'm just standing pat.

Very tough day for investors, today.

JMHO.