Market Curiosity: Exploring Markets And Systems

September 6, 2012

JPM: Sell short stop at around 36.70. (update 1, Sep 6)

Filed under: Just Watching — Tags: , , — Jeff Fitzmyers @ 10:00 am

– Declining volume with rising price for the past 2 months.
– Unable to fill May’s gap.
– Medium term RSI is rolling over and crossing below the longer term RSI.
– Low relative strength: Currently GS is +0.34%, and MS — despite rumors of imminent demise is +1.8%, yet JPM is -0.59%.

The stop loss will be based on a close above about 38.50, not intra day.

Update September 6: Todays strong up move is exactly why I prefer to trade based on a stop. I was itching to short JPM but fortunately waited for price to show the way. I wonder if today’s gap will get filled like the gap about 2 weeks ago?

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