antwan611
Short

ETFC 5 min Head n Shoulders

NASDAQ:ETFC   E TRADE FINANCIAL CORP
15 0 1
ETFC             has made a very strong topping pattern over the last yr. Lower high w/ strong 18.50-19 base. That base was violated this wk             when the stock finished dropping 27% to 18.4 since the most recent highs a month ago of 24.5. It has since rebounded 13% to 20.55 then closing very weak to 20.13 on a very strong tape. ETFC             trades w/ the IWN             although not in that index , and IWM             closed under its own very strong base to a topping pattern of 108. The S&P             has also closed under its resistance after touching it as well. This market is both highly leveraged and highly illiquid. One could rationally project a back and fill, and that could be still bullish . The problem w/ etfc             is, if this head n shoulders breaks, it will break down to under its base. In a weak "back and fill" tape, this then projects to technically free fall to last real support at 12. ETFC             reports earnings Tuesday after the bell which is a wild card but w/ SCHW             , MS             , and GS             already reporting, the numbers should be handicapped which makes these patterns all the more attention worthy. In a more serious downdraft in the market, the higher the VIX             goes, the less retail stays, therefore, a correction materially effects ETFC             fundamentals as there customer base had enough w/ markets crashing the last 15yrs. STRONG SHORT!
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