After a huge sell-off of Countrywide (CFC) shares that forced the company to deny it was in deep trouble, shares of another weak financial firm, E*Trade (ETFC) are off 20% and have traded as low at $2.08. Nice day for short sellers.
The market is now so concerned about the state for banks and brokerages that it clearly does not take more than a modest rumor to run shares down by significant percentages. No one should be surprised it this happens to Citigroup (C) or Morgan Stanley (MS) before the end of the week.
Douglas A. McIntyre
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