Thursday, January 13, 2011

JPM Earnings Trade

This one reports before the bell tomorrow, not sure when the CC is though.

This looks like it's seen some distribution as well, probably worse then INTC so I give it 4/5 stars.

 The recent 10 min chart action in JPM looks bad, that's a leading negative divergence.

15 min chart on JPM with a negative divergence at an attempt to put in a higher high.

 JPM 30 min. this is a leading negative divergence.

JPM 60 minute-god negative divergence on a slightly higher high.

Remember that JPM is a trade that broke resistance and since then, I've been questioning whether the breakout would hold or turn into a false breakout. There's been some negative action in XLF (ETF for financials) as well.

Take a look and see what you think.

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