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Fannie Mae (FNMA) Gets Spanked on Bad News

Long time OTC fan favorite, FNMA (Fannie Mae) along with its sister FMCC (Freddie Mac) fell as much as 49% and 45% off their respective highs yesterday on news from Washington that there was going to be a bi-partisan bill by the Senate Banking Committee that would wind down both entities.  The market did not digest this news well which resulted in a relentless 2 hour blood bath, which saw multiple fake bounces before finally finding a bottom.

FNMADump3 11 14 500x221 Fannie Mae (FNMA) Gets Spanked on Bad News

Moving forward my strategy for the stock is not going to change and will respect the support and resistance levels accordingly.  The 3.25-3.35 zone should at act as critical support moving forward as that was where the bounce occurred and resistance levels should be 3.87 and 4.40-4.50.  The volume should also stay consistently high as there have been some issues regarding executions on lower volume days.  A day where the volume is at least 1.5 million, ideally 2 million or higher, typically signals a high volume day overall for FNMA.

In other news, I’m pleased to announce that I will be starting a live trading service very soon where you can watch me trade in real time.  We will be testing the live trading component service tomorrow with a FREE 45 minute demo! 

Be quick to sign up:
https://attendee.gotowebinar.com/register/5221493116427712002

Registration spots will be limited so sign up ASAP! 

Hope to see you guys there.

-madaz

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