So 5-6 weeks ago the trading range for this was 3.5 to 5.5? And now it's going to be 2.08 to 3.something?
Just curious where did you put your stop on that? I tried shorting it at 2.95 just now, and got stopped out at 3.01.
ETFC seems to be getting their acts together, with confirmation of new ceo coming, a turnaround plan in place, and continued reduction of their mortgage portfolio. This month will be wild with earning report on 1/24 and fed meeting by monthend. In term of market signs, when a stock already dropped significantly and analysts start to downgrade it's usually a very good indicator the stock is about to move upwards. We will see tomorrow and next week if today's bounce has any momentum, my feeling is if it is able to break the $3 resistence, we will see a nice bounce up. I am neutral on buying at today's price level. But you must be pretty insane to short and hold with all the action happening today, it's basically a very risky gamble with heavily skewed risk/reward ratio. There are much better alternative plays than to short etfc... I covered my july 5/3 short put spread for a small profit today, still holding the 2010 5 calls and underlying shares at cost basis of 2.3 price level ps: guys, grow up
very surprised on the follow through tofay on ETFC. No chance I would touch it at these prices. Good job on the trade.