Volume Spike Investor

E*Trade Financial Corporation (NASDAQ: ETFC) was down after its earnings report last night but has recovered.   The online brokerage firm posted a wider third-quarter loss due to charges over a debt exchange. Credit trends are continuing to improve and it added to Tier-1 capital. Shares were down about 3% last night but as of 8:42 AM EST we have seen over 1 million shares trade hands and the last print was back at flat at $1.57. UPDATE AT 10:40 AM EST: S-1 and S-2 both failed to hold and this opens the stock up for a wider trading band.  Shares have used $1.45 as support once today and that was the same low as on SEPT 2, if that does not hold up then $1.39 or $1.40 is an old level to watch out for.

It is hard to use support and resistance for a $1.00+ stock, but we have S-1 at $1.53 and S-2 at 1.49; R-1 is $1.61 and R-2 is 1.66.  Average volume here is 100 million shares, so the 1 million share pre-market activity may seem lackluster.  Still, this is doing better than things looked last night. -JON OGG