Nearest Resistance: $11.75
Nearest Support: $10.50
Catalyst: Analyst Downgrade, Citadel Sell
It seems like we haven't heard a lot from E*Trade Financial (ETFC) lately. But that's changing with today's spike in trading volume -- more shares are trading hands today than any session in the last 12 months, an impressive feat. That's thanks to news that the firm's biggest shareholder, Citadel, is unloading its nearly 10% stake in ETFC. Couple that with an analyst downgrade, and you've got a recipe for a 6.4% drop this afternoon.At least ETFC is down but not out. Shares of the online brokerage are still up more than 23% year-to-date, and a broad-based equity rally still stands to boost returns for the firm. That said, if shares crack their critical support level at $10.50, that means that demand is sapped, and it makes sense to be a seller.
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