Earlier this morning, E*Trade Financial Corp. (ETFC: sentiment, chart, options) announced that its daily average revenue trades in August dropped 20%. Last month, the company saw 151,722 revenue trades on an average day, far lower than 189,057 a year earlier. The month finished with customer assets of $163.5 billion, which is up 1% from the end of July. On the other hand, these assets are 20% lower compared to a year ago. The period concluded with ETFC boasting 4.43 billion retail accounts.

In response to this news, ETFC has slipped more than 3% - a 9-cent drop for this nearly $3 stock. Today's drop is little more than a continuation of the stock's year-to-date loss of 20.2%. Spanning out to look at the past 52 weeks, ETFC has shed 80% of its worth. With the stock's 10-month moving average finally dropping into the picture to act as resistance, it could be a while before we see the stock rally. Furthermore, the 4 level is now acting as resistance. In the past, the stock managed to garner a modicum of support from this level ... this is not the case now.