Etrade is back down another 20%. It is now where it was when it originally did it's swoon. Back then, I said I would have gotten in because the stock would bounce? Would I get back on now? Not a chance.
There were technical reasons to get in before. the chances for a quick rebound were pretty high. But at this point, you should probably stay away from this stock. The volatility is unbelievable, and nobody knows where it will be going. The original bounce was predictable, as many shorts were going to run for cover and people were going to think it was overdone. Tim Sykes, who coincidentally is doing something similar to myself, named Etrade one of his "unpicks". Right here, I absolutely agree with him. If you think the mortgage problems are overblown and Etrade will stay in business, I still would wait at this point until the stock finds a base and trades much more normally. Right now, as a trade, Etrade is scary and everybody should stay away from it.