Fannie Mae (FNM) NewsBite - FNM Covered In Lee Allen Report Today

Posted on Thursday, August 28, 2008 10:05 AM

Fannie Mae (FNM) was covered in a Lee Allen Report today and the stock is now at $6.78, up $0.30 (0.30%) on volume of 23,297,162 shares traded. To see the video report go to http://www.iotogo.com/la82808 . This battered company has been showing some recent strength as speculators may be driving the stock price lately. Over the last 52 weeks the stock has ranged from a low of $3.53 on 8/21/08 to a high of $68.60 on 10/4/07. Fannie Mae stock has been showing support around $5.59 and resistance in the $6.93 range. Technical indicators for the stock are neutral and S&P gives FNM a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on FNM the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 10 range. [LBR-Seven Summits Strategic Investments NewsBite]