I'm glad I didn't buy any call options in AGNC, I would be so miserable right now if I had. My call positions could be at a - 90% loss right now. That would really suck. I'm planning to go in once AGNC starts showing some strenght and support hopefully next week. I was planning to re-enter AGNC around November 19-21, but all this unnecessary drama is making me want to re-enter AGNC much later, sometime around November 23-28 when hopefully everyone is in a more positive mood thinking of happy Christmas thoughts.
Take a look at the historical prices in early October 2011. People have LTCGs they are trying to preserve. The stock probably, and unfortunately, has not bottomed yet and will likely see the $26-27 range. I don't like it, but until we get back to a dividend rate of 18-20%, which should trigger a rebound, gains are going to be harvested.
You are right that there's no recent support level between here and there, but there's not a whole lot of support there, either. The real support is from earlier, and is super-strong in the 28-30 range. Spikes can occur. Big players move a lot of this stuff in a hurry and cause them both ways. But if there's stability to be had, it's in the neighborhood we're now inhabiting.