Hi Mvic.I agree with your analysis of todays volume,I for one was glad to see this action especially with the BofA news from yesterday. Truly was expecting to see $2 or less. Maybe it was a case of a rising tide lifting all boats...hope not though lol
I don't think so as yesterday the market was up more than today and we all know what happend to FMD. I think yesterday the momo money looking for a quick score left the stock in search of real momo like the techs goog and bidu etc. Yesterday and today I suspect that we saw buyers with a longer perspective coming in to the stock now that they can have some confidence in strong support above $3. Have a great weekend all, happy to have 2 days off from worrying about what FMD is going to do next
You are likely right. lol we should have done the same and put calls on Goog and bidu.... We will know more come monday for sure. Hopefully some positive news is released soon to drive this over five bucks to perhaps catch a look from the institutionals.
I don't know if I am a fool or not holding this or taking the loss or cutting it on these pops. No I didn't average in this morning or triple down. My entries suck in low 5's and low 4's. I think I need my head examined. I did not venture in for more. My conviction is not all there. I need the fire power in cash for other short term plays and not all in one basket. These dead cat bounces will be sold off time and time again without positive company news. The money shot or ultimate run up or down is at their call in 2 weeks. Just sucks that a positive PR wasn't this week with the market on fire. Momo players could have ran this up with the index's. Whatever, would of could of etc. This needs a positive news pump case closed. I was hoping this would be my MF. I saw that POS go from $4 to now $14. I just hope 3.12 is the bottom. This is like an option play that doesn't expire.
Sorry, I take it back- Not buying (yet). I can't buy this chart. I hate to be the bearer of bad news, but my gut feel here is that FMD will go either down or sideways for the next two months. Look at how AAPL bottomed recently- It first 'bored out' all the dip buyers, before finally climbing higher. Here's a key question for all you FMD longs: <b>If the stock goes nowhere but sideways for the next two months, would you give up and sell it?</b> If you answered yes, please do yourself a favor and just sell it right now- I see no quick bottom for this one. If you're certain that you <i>do</i> in fact have the patience to wait out a long grueling grind sideways, complete with a couple possible tests of the 3.12 low... well, in your case my suggested course of action <i>might</i> be different. Ignore my advice at your own peril- Those who shrugged off my previous ET predictions weren't exactly rewarded for it...
Lower high's, higher low's coming? Waiting to hear from my Goldman Sach's people before another dime in this hell hole.
Yahoo!My Yahoo!Mail Make Y! your home pageYahoo! SearchSearch:Sign In New User? Sign UpFinance Home -Help Home InvestingMarket OverviewMarket StatsStocksMutual FundsETFsBondsOptionsIndustriesCurrencyEducationNews & OpinionMarketsInvesting IdeasExpert AdviceSpecial EditionsCompany FinancesProvidersPersonal FinanceBanking & BudgetingCareer & WorkCollege & EducationFamily & HomeInsuranceLoansReal EstateRetirementTaxesHow-to GuidesTech Ticker Get QuotesFinance Search 8988914 AP Bush administration supports student loan plan Wednesday April 23, 12:36 pm ET By Alan Zibel, AP Business Writer Bush administration backs new student loan plan in effort to aid strapped market WASHINGTON (AP) -- With concerns rising that the pool of college loans available for next fall will be smaller and more expensive, the Bush administration is backing a measure aimed at bolstering student lenders' finances. ADVERTISEMENT The administration's support, expressed Wednesday in a letter to Sen. Christopher Dodd, D-Conn., came after a bipartisan House vote last week backing the bill to give the Education Department authority to buy up loans from student lenders to ensure they have access to capital and can keep issuing loans. The nation's largest student lender, Sallie Mae, formerly SLM Corp., had aggressively pushed for federal aid. Its chief executive, Albert Lord, warned last week that the company could not lose money on federally backed student loans indefinitely. http://biz.yahoo.com/ap/080423/student_loans.html?.v=2
Guess I am the only sucker still left in FMD DOW JONES NEWSWIRES First Marblehead Corp. (FMD) announced plans to cut its annual operating costs by $200 million, with 500 jobs already cut by the ailing student lender as it deals with the turbulent market. The move, which affected half of the company's work force, come in the wake of last month's bankruptcy filing by Education Resources Institute Inc., First Marblehead's third-party provider of borrower default guarantees for private student loans since 2001 and guarantor of loans held by The National Collegiate Student Loan Trusts. First Marblehead, which has run into trouble in recent months as the student-lending business also has been affected by the credit crunch, uses those trusts to securitize loans. First Marblehead and TERI depend on new securitizations for most of their revenue, but First Marblehead hadn't been able to put together a new package of loans since September. The TERI bankruptcy was followed by Bank of America Corp. (BAC) saying it would stop private student lending. First Marblehead processed and helped securitize those loans. The moves by TERI and Bank of America, coupled with the woes in the student-lending market, have conspired against First Marblehead and has resulted in its shares tumbling 90% since October. The stock was recently up 14 cents, or 3.6%, at $4. The credit crunch and recent cuts in federal subsidies have resulted in the student-loan turmoil - some firms will no longer make federal student loans while also tightening their credit standards on private student loans. "This has been an extraordinarily challenging business environment for our company," said First Marblehead President and Chief Executive Jack Kopnisky. "The market and credit conditions have not improved and TERI's bankruptcy filing has forced our business situation to change quickly." First Marblehead will release its first-quarter results Thursday.