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« What You Need to Know About ETF's | Main | The Key Market Question and Pre-Holiday Musings »

November 19, 2007

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oldprof

We are taking a half-size position now with the stock at about 29.

Jeff

oldprof

Barry -

Ten points in a couple of days is certainly a nice gain. Good going. Was this based on technical analysis, as the chart suggested, or something from Fusion IQ?

The stock opened on the low of 27. Freddie Mac's earnings blowup is a factor, although the exact implications for Fannie Mae are a bit unclear. An analyst also downgraded the stock, setting a new target of 35. Will the analyst now upgrade tomorrow?

We have still not taken any action. Part of the reason technical analysis works is that potential buyers like us like to see some stability before stepping in.

Thanks again for stopping to comment.

Jeff

Barry Ritholtz

Well, if you like it at $40, then you gotta love it a $29, which is where it opened today.

We advised covering half of any short positions there . . .

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