The love affair with penny stocks jumping onto the legalized cannabis bandwagon took a turn on Wednesday with Primco Management Inc. (PMCM) making up for 7.3% of the total number of shares traded across the entire OTC. PMCM stock led the red brigade of marijuana stocks in terms of popularity while newcomers to the pot train, Petrotech Oil and Gas, Inc. (PTOG), Tauriga Sciences, Inc. (TAUG) and Garb-Oil & Power Corp. (GARB) had their chance to dump shares while looking green. But, with Fannie Mae (FNMA) returning to the top trade spot for the first time since the purple haze blanketed trading screens at the start of the year, a sense of normalcy looks like it might just be on the horizon.
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FNMA Stock Quote
Market Cap: 19.51B
Last: 3.40 ▲ +0.28 (+8.97%)
Dollar Volume: $130,380,288
Issued and Outstanding: 1,158,080,657
14-Day Rel Strength: 68.39%
1st Resistance Point: 3.49
1st Support Level: 3.22
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Fannie Mae’s FNMA stock was running as soon as the opening bell rang and never looked back as it closed the session at the HOD for it’s largest volume session of the year. News came out midday detailing the $1.23 Billion pricing of their second Multifamily DUS® REMIC in 2014 under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program from February 12, 2014.
To think back at how we were screaming to buy shares of FNMA stock when it was under 0.30 for most of 2012 and the early part of 2013, it almost looks like we knew what we were talking about – kinda lie buying American Airlines (AAL), formerly AAMRQ, when it was around the same price.
Another penny stock which has been climbing high in the background of all the pot stocks belongs to AvWorks Aviation Corp. (SPLI). SPLI has gained 12,316.67% since the start of the year, 6,672.73% since, almost 1 month ago, announcing it was planning to merge with the Vapor Group, Inc., one of the leading companies in the E-Cigarette Industry with revenues from 2013 that are said to be in excess of seven figures.
Seeing the marijuana stocks that traders were so set on flipping take nose-dives today, these ECIG stocks have been holding their own. Assuming the end of the marijuana stock scams is closing in, the time to seek out a new sector whose time is due for some proper appreciation could be starring us all in the face already. Our hunch is clean energy is going to be it.
About FNMA Stock
Federal National Mortgage Association, aka Fannie Mae, provides liquidity and stability support in the secondary mortgage market in the United States by operating in three segments: Single-Family Credit Guaranty, Multifamily, and Capital Markets. The company securitizes mortgage loans originated by lenders in the primary mortgage market into Fannie Mae mortgage-backed securities (Fannie Mae MBS).
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A ton of money was mad for the first 6 weeks of the year on marijuana focused penny stocks, but like when parachute pants first came out, they we’re only cool until everyone was wearing them. FNMA stock returning to the top traded spot is a sign of change happening whereby the entire MJ sector could soon look like the city center of Kiev from 2 days ago. From what I remember, most bandwagons are made of wood which isn’t fireproof.
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