RE:Down almost $1 from year high?Its going to get much worse from here, back to 99 cents is my valuation. As more talk of interest rate rises come the debt PMT is carrying will become more expensive. Hedges are gone in 2015 and nat gas is too volatile. Tax loss selling has not kicked in yet so that is ridiculous to even state. The market was due for a major pullback, everything was waaayyy out of wack. it is surprising that PMT went below the price they announced the JV at but then again you can announce whatever you want, you still need to see it through and the production has yet to begin for the JV. But what about NAV you say? Its trading at 25% of that value, well, that is a made up number management thinks they should be at. Remember all those forecast PMT was shelling out with 100 dollar oil and 5 dollar nat gas. We aren't close to those prices anymore so the stock has no place to go but, down, they wont be making what they though they would be making. This company is easy to trade, you just have to see what they forecasted and compare it to what the market is doing and I hate to say it but again this was a screaming short.