I just covered my short for a moderate profit. I am curious what you liked about the quarter. They were able to pivot out of alot of the RMBS they were stuck in but I was surprised that they did not take advantage of the big early June spike in spreads to get more nonagency exposre. I think the divided is going to cut to around $1.20 annually with all the new hedges.
As of today I would be a buyer around $11 and would reshort at $13 with book probably around $12.75 at the moment.
I was reading some of the older posts.It seems last time Credit Swiss spoke on OAKS people bought on their recommendation and the PPS promptly went down a buck per share. Now they downgrade when OAKS massively beats earnings estimates. Makes no sense.