In keeping with the theme of yesterday, I threw mo money at that ho’ [[FNM]] @ $7.11 (my lucky number). After having consulted with my mentor, I have decided to take this action. This is totally 180 degrees from what I would normally and consistently do.
“Don’t throw good money at bad.”
Fortunately, I still have Ben and Hank’s personal guarantee that all will work out for the good. They never lie, as you know.
I know, it makes absolutely no sense. No sense a’tall.
If I’m going down on this, I’m going down in hot supernova-like flames.
However, let me throw this out: a whole generation of traders don’t remember the Chrysler bailout years ago. Everything turned out well in the end—and that was all about cars. With FNM, we’re talking about financing the American Dream. It’s an institution that cannot afford to fail. Someone will eventually step up to the plate, in my humble and seemingly misguided opinion.
Headline induced FEAR is driving this egregious meltdown. So what does a Costanza trader do?
Buy when the blood is running in the streets.
This is uglier than sin.
A long tail down chart formation warrants a mandatory bounce.
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