Fannie Mae shares reverse course, rise 5.6%

A 5.6% intraday reversal with no stated catalyst is a reminder of how thin the information layer is around Fannie Mae's equity, where price action often outruns explanation. The swing matters less for what it says about the mortgage-finance business than for what it reveals about sentiment: a weaker stretch giving way to a sharp bounce suggests positioning, not fundamentals, is driving the tape. Whether the move holds through the session, or fades as it did earlier, is the open question worth watching.