CIM has consistently sold off the last 1-2 yr when price extended a certain point above the 50 day moving average. Today CIM price reached that threshold extension so sold off- law of reversion, too far too fast, etc.
I would not be surprised to see a pullback to the shortest term uptrendline at ~2.71 (and if that does not hold, the longer term uptrendline closer to 2.6 likely the worse off a sellof) but the mreit group has shown recent strength with their tax status relatively unscathed by the fiscal cliff settlement, and with the fed looking to be easing for some time (inflation looks ptty tame with relatively high unemployment unlikely to stoke it)
but CIM is not going to be among the strongest REITS (and hence will not command a high P/B) simply because their reputation is a bit tarnished by the lack of filing, because of the incestuous ties of corporate management, and by CIM's horrible long term track record
today's peak was a high probability opportunity to sell and buy in at a lower price (or switch to a more attractive REIT- or BDC, PSEC yields about 12% right now and is levered to the economy, not to the yield curve or mortgage market)