E-Trade is having a rough go of it today.? News that Citadel sold a huge portion of its stake in the online retailer has the stock down 8% in what had been a pretty decent year for the company.? On the year, even with the drop today, the stock is up about 20%.
Today a trader that had been carrying a long ETFC Jan 2015 10/17 call spread decided to join Citadel in calling it a day.? The trader was carrying 30,000 of the 10/17 call spreads and unwound the entire position.
That is two major traders saying the move in on line retailers is done.? The IV is still relatively low of ETFC at around 32%.