Reding the interview with Bill Miller in Smart Money--famed for beating the S&P 14 years in a row I am reminded that he said the time to buy is wnhen people are selling and the time to sell is when people are buying. That in genral people make the move about 2 years too late.
Right now is a good time to buy NLY at a discount. It has been extremely conservatively and well managed and the flattening of the curve lowered the return for the time being. Waiting for the curve to become steeper is waiting to buy it at a higher price. Eventually this abnormally flat curve will almost surely evaporate
Stock will be under pressure for more 5-10 days . At current price and dividend the yield is too low to reward the risk. Don't forget that managemnet said short term will be tough, suggesting one or two more weak quarters. Why buy now if there are big chances of further decline in the next few days? Buy at 16 and hold. At current levels there will be a lot of sellers this week.