JPM, the second earnings Play

Yesterday INTC and JPM were both earnings plays, both looking negative. I warned that these will have initial reactions and then the real reaction. After market when INTC reported, it was strong, when it opened today and subsequently it's been down over 1% on a good report, on heavy volume. I think we have the first successful earnings play, I'd let it play out a bit.

Likewise, JPM's earnings seemed to be well received by the price action today, but as you'll see below, there's no confirmation and I'm thinking it's very likely with a day or two we'll have our second successful earnings play on JPM-just like INTC, it seems the initial reaction will not be the final reaction to earnings. These are complicated trades, if you enter them please stay in touch so we can monitor them together.

In the meantime, here's what JPM's melt-up has looked like from a 3C perspective-it's not pretty.

 1 min.

 5 min.

 10 min.


 15 min.

30 min.

NO CONFIRMATION, ALL NEGATIVE DIVERGENCES.