Fannie Mae-No Politics (FNMA)

[chenzo11]

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