Downed Jets, Ukraine Conflict and Gaza Battle – JP Morgan Says ‘So What’
- Posted by Greg Harmon
- on July 21st, 2014
JP Morgan, $JPM, reported earnings last week and the stock price made a big leap higher. But since then nothing has really happened. No impact from the Malaysian jet downing. No impact from the Gaza. Wouldn’t you think that if there is one company that is exposed to risk in these areas it would be a major global bank like JP Morgan?
But then I started looking more closely at the price action. That big leap higher came on very large volume. And the price has held over support at 58 since then. This is very strong reaction in the stock. As this is playing out the volume has been declining. It is not making a really pretty picture, and the gaps may fool you, but the stock is building a classic bull flag pattern. The Measured Move higher out of it would carry a target to 62. Time to but this bank on your trading agenda.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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