Saturday, June 25, 2011

Trade Update: JPM

JP Morgan finally closed below $40 last night. As you can see from the daily chart JP Morgan has been in gauged in a slow steady slide all the way from the $48 range last February. And even though it's only $.51 under the JP Morgan every cent under $40 is is a mile.

We entered JP Morgan short at $42.75, with our stop at $43.75. I think the thing to do now is to move the stop down $42.75 and lock in a breakeven trade. All we have to do then is enjoying a possible ride all the way down to $36 zone.

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