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You go girl! LOL!
Hi rambob,
The key, in my opinion, with $2.08 is seeing if it really holds as support. A 52 week low really isn't a strong support level unless it's associated with some other groupings of lows.
First of all, I'm really hoping $2.42-2.52 holds. That reinforces it as a playable area.
If the price breaks towards $2.08, I'm not buying until it holds and heads back up. It will probably be tested more than once like $2.50 is being tested right now.
And, of course, if $2.08 is violated, run away! Because there's nothing but air under it on the chart. I guess there's psychological support at $2, I dunno.
One way to play it might be to place a limit buy at $2.09 with a market stop at $2.02. That way you're gambling $2.08ish holds but you're not riding it under $2.
OT: any "pattern day traders" here?
I keep banging into this 3 day trade a week rule. Like as of yesterday, I cannot get another day trade till Friday. So I'm grounded.
I'm wondering what the downside is to being classified as a pattern day trader, other than the $25k minimum account value, which isn't a problem.
Thanks for any info any of you have on this!
$2.42 - $2.52 is a support area.
The only thing below that is the 52 week low at $2.08.
Those are the two areas to watch for today.
Arnie, what am I going to do with you? LOL!
Well, the good news is that in the past, you would have never lost money buying at $2.70 as it always EVENTUALLY returns to $3.
The bad news is you may have to wait a while. Hopefully you will do OK.
If they don't extend the short selling ban on financials today, that should help the market start to find a short term bottom.
Some day probably in the next week we should see a meaningful bear market rally. Options expiration is next Friday. The question is how much lower will it go first. That rally will likely last 2-3 days. I personally would use any such rally to rescue some funds if possible. We could be looking at DOW 8500 sometime in the next month. This could very well be a horrible earnings season and it starts next week in earnest.
What I would love to see today or tomorrow is a day when the DOW is down 1000 points. A real flush. I will jump in with both feet if that happens.
Play safe guys!
Thank you Uncle Ben!
I'll be out this morning thanks to the rate cut, one way or the other. Hopefully near $2.90, but I'm taking whatever profit is available, regardless. I'll then be benched till Friday.
With the quarterly report announced, look for some additional selling headed into the conference call. Last quarter people got their clocks cleaned as the stock dropped 25% in 2-3 days after we missed the #s.
I don't personally plan to hold during the report this time. Too much risk for me.
Under $7?
It's hard to believe this was at $26 just a few months ago.
Just for your info, I show
$2.52 as downside support and $2.92 as overhead resistance. So with todays shares, I'm either adding more if it drops to support, or selling if it fails to break and hold resistance.
Unfortunately my cash account is out of trades now till friday and this will be the last trade in my retirement account for the week.
Dang settlement rules!
Play safe.
I sure hope it is!
Cause I just tucked away 8k shares for a short term trade at $2.69. My target sell price is $2.90 by Friday, hopefully.
LOL!
It's such a stupid question I didn't even bother answering.
SEC ban on financial short selling ends Wednesday at midnight.
Unless it gets extended again.
FYI
LOL!!
No kidding.
$3.50?
WOW!
I figure this is a buyout play now at these prices. I don't own any yet but it's getting back nearer to the top of my list.
Trade smart, play safe!
Hey Arnie!
What a freaking day, huh. I had figured the DOW would hit 9500 this week, but I didn't think it would be today - LOL!
Glad you have a winner. They're few today.
More foolish thoughts on ETrade
"E*Trade on the rebound?
When the bottom gave out for E*Trade Financial because of its exposure to mortgages last year, I rushed over to CAPS to rate the company an outperform. I believed the discount broker had erred in moving away from its core business of facilitating low-cost trades, but I also thought it had taken steps to rectify the situation and wouldn't need a life preserver from either TD AMERITRADE or Schwab (Nasdaq: SCHW).
Such are the perils of rushing into anything related to investing, even if my CAPS score doesn't reflect the bad timing. Only the overall market's equally bad performance has saved me from what should have been a disaster pick. Still, I find myself agreeing with CAPS member TravisMcGee; he values E*Trade's brand name, and figures it's only a matter of time before the company's situation turns around again:
Etrade has a great brand. The management of Etrade took a very wrong turn several years ago and lost site of their core strategy and started investing in home mortgages, without a default plan. Wall Street has scorned Etrade for doing this and drove its stock price down to near bankrupt levels. Calling the kettle black? … With Etrades new management and the "getting back to basics" philosophy, Etrade will emerge as a market leader in the discount brokerage sector. … Soon Etrade will be in talks, again, with possible merger partners, only this time Etrade will be talking on grounds of [strength] and not bailout."
http://www.fool.com/investing/value/2008/10/03/5-top-stocks-at-half-price.aspx
Morning Arnie!
I think you'll be pleased that you took that small loss on Friday. My plan for this week is to play a little hit and run, but I won't be holding anything overnight. There will be more bank failures over the next 2-4 weeks and this will really hurt the financials.
Remember, if we get that rate cut this week and you happen to be long, take the gift and bank it. Cash is king until this financial mess is stabilized.
Everyone play safe!
Oh Arnie...
Well, you had to be really quick as there were indeed a gazillion people waiting to sell the news. The market sold off much worse than I expected. But ETrade closed up for the day.
I was sitting there with my market orders typed in on both accounts and as soon as it started to turn I hit enter. One of the reasons I really like ETrade is that with the volume it's reasonably safe to use market orders during the regular session.
You took a small loss and can re-evaluate next week. It should be very interesting!
There is a rumor floating around that the fed may cut 50 basis points next week. If you're long when it happens, sell it IMO. Hedge funds are selling every rally as they are seeing massive redemptions. The down is headed short term to 9500 IMO.
Take care!
Hi arnie,
Based on the current action, I suspect the best we'll see today is $3.30-3.40 when the bill passes. Not bad, but we're seeing alot of selling today for no apparent reason.
I'm not holding over the weekend so I'll take what the market gives me. There's probably a gazillion people waiting to sell the news so play safe. You don't want to let that profit turn into a loss!
Everyone have a SUPER weekend!
If this were a perfect world
We'd get a bad jobs report this morning to let me add just a little more around $2.95 and then the house would pass the bailout around 2PM and I could unload everything around the close at $3.50.
I think the house will pass the bill and there will be a big spike for a couple hours. Over the weekend I expect the focus to shift to "what now". I would think if we get a good spike up today that early next week would bring out more sellers into that move.
Either way, it's Friday!
Buy around either $2.50 or $2.90 support.
Sell when it stalls or reaches you target price.
This stock is very gappy. I have had zero luck with stops. Literally every time I have tried a trailing stop it gaps under it.
Always sell when it makes a run to $4, because it always returns to under $3. [the golden rule]
But golden rules are made to be broken, as pamo will likely point out - LOL!
That's my only concern with ETrade Arnie.
The current trading pattern is proven and well known. If it breaks to the upside, over $4, I'm very likely to miss out.
Now, there are worse problems I could have :)
Have a great day!
Don't get greedy Arnie!
I was watching the futures when the senate vote came in last night and they initially tanked on the passage. I was dumbfounded! This market may tank if the house passes the bill.
This economy is in a ton of trouble even if they pass the bailout in the house Friday. The market is being completely driven by news and rumors.
I already have a limit order in to sell my shares, hopefully tomorrow, somewhere around $4. But if things stall, I'm bailing and banking the profit. I'll then go back to hit and run until we get a proper pullback in the financials, which we will.
Not to be political, but if Obama maintains his lead in the polls, that is very bad for the markets.
I hope we have another good day here with another BIG close!
I think everybody here made money today!
And we're all such super people, we all deserve it!
LOL!
Dangit! I missed by 3 cents!
The Motley Fool likes ETrade?
I thought they normally slammed us.
http://www.fool.com/investing/general/2008/09/23/the-bears-are-fleeing-these-stocks.aspx
There's pamo!
I suspect this move is speculation that the senate will pass the bailout bill tonight. If it does, I think we fly tomorrow.
ETrade is like a coiled spring!
Yeah! go go go go go!
Todays close $3.20!
Tomorrows close over $3.50!
Then to the moon!
Can you tell I bought this morning? LOL!
OK Arnie...
I'm in this morning at $2.95.
You talked me into it.
Good for you Arnie!
If you can flip those again at $3.30 you'll be a happy camper.
Yes, I'm more than a wee bit careful. But that's what lets me sleep at night so we all have to do what works for each of us.
I'm sure pamo would agree with your appraisal - LOL.
Best of luck!
I was really shocked by WM.
It went out Friday at $10 and then on Monday AM it's down 80 something percent.
I had some interesting reading last night about people speculating how low the markets might go with the bailout voted down. Some are now saying DOW 8000.
That kind of scary talk makes me think we're closer to a real bottom. But who knows.
I won't be holding much overnight until this is all settled. If you guys/gals have some longer term money to put to work I would imagine this is quite an opportunity for you if you can stomach more downside.
FWIW
I'm pulling my bids at $2.52 for now and staying mostly in cash.
This could get alot worse, real quick.
House votes NO to bailout!!!
WOW.
Now what?
RIP Wachovia Bank
Geez. Who's next?
It'll be interesting to see how the markets handle the "bailout" this week. From what I can see it has been compromised to death.
Everybody play safe!
Sorry to hear that Arnie.
I'm more focused on just not losing any money at the moment. I only opened one small micro-cap position this week and played hit and run a couple times for coffee money.
I'm too scared to hold much overnight anymore.
I wish I had pamo's confidence!
Morning Arnie,
ETrade hit $3.10 premarket today already. It's headed our way. This morning will be ugly and I believe Monday could be an outright disaster if the congress doesn't pass something over the weekend.
Cash is king right now, until this is all settled, IMO. Better to miss a little upside than get clobbered when you wake up and markets are in the tank, like today.
FWIW - I pulled my $2.92 bid but doubled the $2.52 bid, just in case Monday/today is a mini-crash.
If they approve a plan and the market likes it then we can evaluate what to do then. Till then, be safe!
RIP WaMu!!
Hi Arnie!
Don't have PM. But I hope you get your wish!
Who knows with the markets the way they are these days.
I didn't agree with this article
but it does present an interesting side of things.
http://community.investopedia.com/news/IA/2008/Storm_Brewing_For_Online_Brokers_AMTD_ETFC_SCHW_TRAD.aspx?partner=YahooSA
It took a little long to finish loading for some reason.
Based on what metric?
I only really look at the chart. Is there really some fundamental reason the stock price should be higher?
Most of the money I have made with ETrade this year has simply been going from oversold to over bought. Making money off the short covering.
It would be useful to know if we should really be in the $4-$5 range instead.
Thanks.
I have bids back in
at $2.92 and $2.52 again.
wash, rinse, repeat - LOL!!