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| NASDAQ, AMEX, NYSE Stock Forum Discuss exchange picks, talk and research of stocks on NASDAQ, AMEX, and NYSE Stock Exchange Markets that are ten dollars and over. |
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06-17-2008, 12:25 PM
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AMEX Stock
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Join Date: Jul 2007
Posts: 527
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FNM - Fannie Mae
Kinda surprised there wasn't a thread for this.
Whether you care about the stock or not, the whole market is tied to it by the nuts lately.
Tea leaves say major fall likely in it's very near term future. Double symmetrical triangle, with the breakdown from the first one implying a breakdown in the second.
IMO it will take the whole market with it if it turns out to be news related.
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06-20-2008, 12:48 PM
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AMEX Stock
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Join Date: Jul 2007
Posts: 527
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Re: FNM - Fannie Mae
It was trying to forming an inverted H&S but got broken with two bearish wedges before completion. The second wedge hasn't broken yet but it's looking like it will, and the break in the first wedge implies enough downside to cause a break in the larger one. The larger wedge implies FNM could fall from $24 down to $8 roughly which would pretty much suggest a major problem for that to actually happen.
I'm expecting the RSI to break that line when on the next price contact with the lower wedge support and have it all collapse down.
Should arrive down there in the $8 region in roughly august/sept if it holds.
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06-20-2008, 04:25 PM
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Super Moderator
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Join Date: Jul 2007
Location: Cincinnati, Ohio
Posts: 10,856
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Re: FNM - Fannie Mae
This one has been in my plans for months....I usually watch it closely....but have neglected it lately. Thanks for the thread, I need to stay up with it.
Across the board, the financials are getting my attention and $$$. I still believe any long-term investor should be watching them closely and buying when it looks like the opportunity is there. Just plan on holding for a few years!
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06-23-2008, 11:48 AM
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AMEX Stock
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Join Date: Jul 2007
Posts: 527
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Re: FNM - Fannie Mae
Printing $22.11, that's broken if it closes there. All eyes on fannie. When it goes, it takes 90% of the market down with it.
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06-23-2008, 05:19 PM
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Super Moderator
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Join Date: Jul 2007
Location: Cincinnati, Ohio
Posts: 10,856
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Re: FNM - Fannie Mae
Quote:
Originally Posted by Skydaemon
Printing $22.11, that's broken if it closes there. All eyes on fannie. When it goes, it takes 90% of the market down with it.
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Indeed....it's just getting killed, down over 20% in the last 60 days.
__________________
Disclaimer: Any stocks I comment on are my opinion only. Play the stock market at your own risk!
Bottom Plays: RIG BP MCP
SMC - THE BEST STOCK MARKET FORUM
FREE LIVE CHAT if you join Stock Market Cats
"A government big enough to give you everything you need, is big enough to take everything you have." - Thomas Jefferson
NObama 2012!
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06-23-2008, 05:56 PM
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AMEX Stock
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Join Date: Jul 2007
Posts: 527
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Re: FNM - Fannie Mae
This is "heading to $8 by sept" bad. I think a fall like that also implies they'll have to cut their dividend to .20 from it's current .35 as well.
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07-10-2008, 01:27 PM
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AMEX Stock
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Join Date: Jul 2007
Posts: 527
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Re: FNM - Fannie Mae
FNM on the way to it's own private hell.
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07-10-2008, 02:04 PM
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Super Moderator
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Join Date: Jul 2007
Location: Cincinnati, Ohio
Posts: 10,856
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Re: FNM - Fannie Mae
Indeed....I'm watching but that's all, this one scares me. A new low set today of 11.70.
__________________
Disclaimer: Any stocks I comment on are my opinion only. Play the stock market at your own risk!
Bottom Plays: RIG BP MCP
SMC - THE BEST STOCK MARKET FORUM
FREE LIVE CHAT if you join Stock Market Cats
"A government big enough to give you everything you need, is big enough to take everything you have." - Thomas Jefferson
NObama 2012!
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07-11-2008, 09:33 AM
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Super Moderator
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Join Date: Jun 2007
Location: Alabama
Posts: 4,523
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Re: FNM - Fannie Mae
wow what a fall this morning. I took a short position in FRE yesterday but FNM never got high enough for my comfort. I screwed up here. This baby is sunk
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07-11-2008, 10:28 AM
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AMEX Stock
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Join Date: Jul 2007
Location: Ohio
Posts: 552
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Re: FNM - Fannie Mae
Quote:
Originally Posted by Aufan 1983
wow what a fall this morning. I took a short position in FRE yesterday but FNM never got high enough for my comfort. I screwed up here. This baby is sunk
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I am not sure if even I am crazy enough to stick my toes in this water today.
 This should make for some real interesting times today. The financials are gonna get pummeled to death now.
OH boy hold on for the slope we are sliding down today..
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