E-Trade Has More Downside After Being Skipped Over By Schwab and TD
Shares of E-Trade are down sharply today (-9%) in response to Schwab acquiring TD-Ameritrade. This is a blow as E-Trade was expected to be a likely participant in a merger with TD. It's a double whammy as E-Trade needs serious scale to survive and thrive in a world with $0 trading commissions. Technically, E-Trade is in a clear down trending channel, and there's more room to fall as a clear support range comes into play: $30 - $35. That represents 28% downside from current levels.