MC -- I've been watching this move in JPM with a mix of awe and "awwwwww, why didn't I play that?" But the stock shows no signs of taking a breather, stronger than its financial bretheren. The weekly chart
stockcharts.com[a,a]waclyyay[d19980929,20051229][pc9!c13!c20!d20,2!c50!b50!c200!b200!f][vc60][iLa12,26,9!Lh5,5!Li10,10!Lp14,3,3!Ll14!Lo14!Lb14!Le5,10,1!Lh89,34!Lh45,17!Li180,68!Lp3,2,2!Lb5!Lp13,8,3][J30509437,Y]&pref=G
Shows a potential move up (from very tight bbands) after a really long consolidation that seems, to my eye, to have followed a 5 wave move up.
In that case... what is JPM trying to tell us? I find it an interesting stock cuz I know how "conspiracy theorists" always talk about JPM and the derivitives nightmare. In this case, then, since JPM is not really a stock that retail investors rapidly trade, is there an underlying message of "no nightmare here" or something else?
And TA wise... jeez, the bullish target if we are breaking up into a new 5 wave move up on the weeklies, well, it's high. Really high.
Daily looks stretched on JPM, but I said that last week, too.
the freep |
