RE:Some day, maybe
I also respect and value most opinions on this board including yours. If you sold your 40k shares at 9.60ish you personally may have changed the tide back to down as you have just about triple the shares I own. FTN seemed to hit a wall at about 9.59. The classic pattern you describe is true, and most that follow FTN already know this, but the degree it changes is the variable we must take in to account. In the past I have done what you describe multiple times, I can only remember two times it paid off well. Most of the time I was break even and a few times I had to chase it back up and lost. One thing is for sure, when ever I was out, I sure did miss that dividend on the 10th. The NAV for the 31st should be similar to the 16.42 from the 15th up or down a dime. If you take Friday out of the picture I think the NAV is up for sure. Barclays downgrade of the 4 banks was a shocker but most still rate the banks a buy. In the past two months I have been able to add 2000 shares between 8.86 and 9.05, I set a guideline for myself to buy under 9.40 and trim over 10.20. It has worked out well for me so far. If you can train yourself to buy when your afraid and sell when your comfortable, people will start calling you Mr.Buffet. It goes back to value for me, banks trading at 10 to 12 times earnings, it will get back to 14 to 15 times at some point, collect an unmatched dividend in the meantime. Still better then cash in a sock under the bed. Good luck to all longs and traders of FTN. Broker49