Trade Watch: $JPM Short at 45
I was watching CNBC a few moments ago and nearly had to choke back vomit listening to Jamie Dimon spew forth feel good talking points in a spiel that sounded like he was running for public office. I guess he is running for public office, JPM lives off of money from the Federal reserve and was a large recipient of taxpayer bailout money.
I can not wait to short this stock. Remember folks, back in May they had a multi billion dollar loss due to a series of bad CDS trades. It collapsed from 45 bucks all the way down to 31. I'm watching for a short at 45 for a pullback. Right above it is 46, the 52 week high, and then 48 the high from 2010. So, this is getting into short territory with lots of resistance levels.
I may even pull the trigger at 44 bucks, but my target as of now is 45.
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