Level II current (1:36) shows two sell orders 92M @ $0.97 and another one 250M @ $.99; these are two short orders banking on FNMA not braking $1.00 today, it's a dangerous game these two shorts are playing
Longs if these two orders temporarily halt FNMA's relentless push up-ward, don't bail out. There's 135MM additional shares short that still have to be covered by the shorts, creating a strong demand for FNMA shares in itself
Funny, the same thing is about to happen to ABKQ (AMBAC). Although it is currently going through bankruptcy. It will recover sharply given the recent earnings of Fannie Mae and Freddy Mac....they are all tied in together.