A company we've been following since the new year is E*Trade Financial Corp. . On Monday, while the market was sliding to an ever impressive low, E*Trade announces that they were selling their Canadian subsiduary to Scotia Bank.  Yesterday, like all financials, it took a run back towards the nearest resistance, and today kept on pushing upwards.  I'm sure the extra capital helps in times like these, especially considering the sticker price is one quarter E*Trade's current market capitalization.

Looking at the Equivolume chart:

Equivolume ETFC July 17

Equivolume ETFC

Compared to the Equivolume for the Financial Spider:

Equivolume XLF July 17

Equivolume XLF

You can see that E*Trade was able to close above the recent high and show a good clean upward body, whereas the overall sector was not.  There is a tonne of volume at the $4 level, so I would not expect the price action to move to much to the upside.  If the price holds, then opening a position on any pullback to $3.50 may be in the future.  Having expectations of $4, and getting out at $3.25, would give a 2:1 rewards to risk taken, and could net over 14% before fees.

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