E*Trade is on the move again, this time because several insiders have picked up nearly $2 Million worth of stock in the beaten down company in the last week. The insiders bought on the open market the first day they were allowed to after an earnings blackout period insiders must abide by.

On Thursday, E*Trade rose over 10% on the news of share purchases and because of that was not really affected by the announcement of the 50 basis point cut in the Fed Funds rate. This latest move puts E*Trade shares over the $4.50 mark, more than doubling since my post about the company being one of the bargains of 2008.

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