This is beginning to morph into a position albeit still small. Added at 24.89 400 shares long this morning.
(for a total of 1,000; 600 of them covered call in the past 3 days from the "top" :)
The gap is widening with FNM. Yesterday was $3.40, now $3.80, an absolute nadir in relative performance. I am thinking about 1000 shares long-short FRE-FNM I was mentioning yesterday if I see $4+ spread.
More notes: Okay F-it. I did 1,500 FRE-FNM with $3.72 initial gap. $500 if I am wrong and $3,000 if I am right sounds tempting for beer money.