Fannie Mae-No Politics (FNMA)

[malebaboon]

The share price needs to pull back to about $4.40 and test the upper bolli band. It was never able to touch today, and is floating above the upper band. Really, FNMA was too bullish today, and needs to cool off. Expect a pullback to about $4.40 and then some consolidation there before continuing on next week. Another test of $5.00 is in the cards.

After the brief pullback, and then consolidation in the $4.70 range, expect a continuance with the bulls taking out $5.00 this time. Then watch out! At $5.00 FNMA might become marginable in some accounts, and some funds may no longer be restricted from buying in.

What a terrific battle at $5.00 for about twenty minutes today!

IMHO

MB