Always nice seeing you drop by. I hope you held FNMA long enough to make a decent profit. I sold yesterday but didn't want to influence position holders mainly because of the potential of the play. I've been listening to some wildly speculative huffs but my trading brain doesn't work that way. I'm not done with FNMA because it's been a very successful play on several occasions. Just my opinion but I though Friday looked a lot like a exhaustion gap. I'm just playing it safe and taking profits. Man I wish I still had the shares from .26 when we first started calling this a buy at .26. A lot of millionaires made off of this play.
Berk, I hate to have to disagree with you but I'm going to have to call you out on this prediction of a double. I said I didn't think folks were looking at this the right way. What I was basically saying is the average Joe has no clue what these guys do or what their pipeline looks like. This is not a trick pony and it appears, at least to me, that this is being manipulated by big money.
So technically I guess I'm not disagreeing but what I'm saying is you're being far too conservative. This play still has significant risk but I'm willing to take that risk on given the potential payday.
Remembering it's November and the first round of tax selling is likely to continue until November 28-29. I'd suspect we may even see one more push down leading up to those dates if they can get away with it. Once the first trading day in December is upon us, if this hasn't all ready started to move I'm scaling in. If it starts before than I'm scaling in. My guess is that by March 31st 2014 this is at a minimum $12. So I guess you be correct if you slide in "at least" in front of that double. Good Luck, we'll be riding this one out together.
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