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With the strong close on Friday and the after hours close of $3.41 one would think we will see $4.00 or better this coming week. Obviously we have strong resistance at $4.00 and again at $4.50. To me it looks like we have seen the last of the sub $3.00 price range here. It all depends how the Fannie and Freddie mess plays out.
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Cosmic
Sep 07 at 4:25 ET
So you think ETFC is a better play on the FRE and FNM situation than MBI and ABK or just another play?
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rojack
Sep 07 at 11:05 ET
MBI has gone from about $4 to $16 in a two month time period. I see much more downside risk associated with MBIA just for that reason alone. Same thing with ABK. It has gone from $1.25 to $8.65 in a two month period. Just too much too fast for my liking. ETFC has been building a base around $3 for the same time period and has just broken into an upward trend. The 10 day MA has just crossed the 50 day MA which is also a positive signal. I see minimal risk associated with ETFC right now, current price $3.35, support $3.00. Resistance is $4.00, $4.50 then $6.00. I think we could easily see $6.00 again in a short period of time.I don't see MBI and ABK doubling at these levels in the short term. Again, just my opinion, I could be wrong.