That's why you need to be actively trading your positions.
FNM is now up $3 on FED talk about raising the limit of Federal back home loans amounts.
Great call on getting out with +$3 profit.
The beauty of being a trader
Wednesday, February 27, 2008
WOW-:FNM
Futures are now down pre market due to Fannie Mae (FNM) disappointing earnings. The mortgage giant losses amounted to 3.6 BILLION for the quarter.
HMM, thanks goodness we short FNM :)
currently trading $25.10, over $4.50 profit since the trade call on February 20.
HMM, thanks goodness we short FNM :)
currently trading $25.10, over $4.50 profit since the trade call on February 20.
TRADE CALL: FNM
FNM reports today, plan was to take 1/2 off the short yesterday and ride the next 1/2.
Stock is down another $1.10 pre market. Still think this stock goes much lower, but will manage the 1/2 share currently shorted.
Can we say another WINNER!!!!!!!
Stock is down another $1.10 pre market. Still think this stock goes much lower, but will manage the 1/2 share currently shorted.
Can we say another WINNER!!!!!!!
Excellent day yesterday
Excellent day yesterday with almost 40 points in profits. I would love to make 40 points ever month !!! just to show the magnitude of the day. Well for wednesday what do I think will play out?
Oil is now firmly over $100 and has been noted (blog entry)the third wave push towards $100 should stick. The danger for the economy is that $100 is no longer resistance but now support and inflation pressures should start to increase at a dramatic rate due to the increase prices of other commodities.
The FED would definitely have their hands tied with rates if inflation raises it ugly head. Higher rates and higher commodity prices will definitely not be good for the equity markets.
Technicals: The S&P should make a run @1396. I will analyze how we act around that number as we approach it, but a breach higher of it should watch for 1409 then 1425 which would ultimately be the heaviest resistance on the short time frame.
On the downside we have 1375 and then 1364 to watch. For today I am hoping for a gap down to absorb the movement yesterday and trend higher into the upward resistance numbers.
Oil is now firmly over $100 and has been noted (blog entry)the third wave push towards $100 should stick. The danger for the economy is that $100 is no longer resistance but now support and inflation pressures should start to increase at a dramatic rate due to the increase prices of other commodities.
The FED would definitely have their hands tied with rates if inflation raises it ugly head. Higher rates and higher commodity prices will definitely not be good for the equity markets.
Technicals: The S&P should make a run @1396. I will analyze how we act around that number as we approach it, but a breach higher of it should watch for 1409 then 1425 which would ultimately be the heaviest resistance on the short time frame.
On the downside we have 1375 and then 1364 to watch. For today I am hoping for a gap down to absorb the movement yesterday and trend higher into the upward resistance numbers.
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