TGIF mi amors!
As I promised you all last night I will be doing a quick technical update on Fannie Mae (US OTC: FNMA) this morning which I alerted on Wednesday at a PPS of .28.
Ever since FNMA announced that they have posted a profit for the last quarter everyone has been going mad over this lender of money.
FNMA has taken a lot of heat over the years for bad lending practices and the bashers stated that they single handedly crashed the housing market. No, let’s not take into account personal responsibility and living within your means….IT’S DA EVIL BANKS FAULT! RAWR! <——sarcasm in case you couldn’t tell.
Now that Fannie has posted a profit for a change, people are screaming about economic recovery and how everything is right with the world.
Listen peeps, I know you are raking it in with some nice trades lately, but let’s say you are making $50,000 a year, you cannot afford a $500,000 house. Period.
Okay enough of my rambling and let’s get on with the techs for Fannie Mae, but first another reminder to:
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Alright boy and girls, gather round and let’s pull up FNMA’s chart: http://scharts.co/INFlEn
As you can see we have 2 very nice support levels on this baby, one coming in at .30 and a lower level support right at the pivot of .28. Resistance lies ahead at .32, this is a double top resistance so it’s a bit of a hard nut to crack, but look for a little buying volume to hit this baby and it could potentially soar to new heights and maybe even taking on the 52 week high of .41.
There’s your Friday technical update for Fannie Mae, and stay tuned next week as papa and I bring you some of the hottest picks on the pennies, hey…I might even have a blue or 2 for you as well. So stay hungry my roaches.
Senorita “Everybody’s working for the weekend.” Roachita