$JPM could be at 15 bucks within 6 months I have
Post# of 474
$JPM could be at 15 bucks within 6 months
I have been daytrading $JPM a lot recently, even after the CDO debacle, and am fairly certain of two things. First, there will be more substantial losses uncovered on their trading desk within the next 6 months. Second, their stock is showing a very strong indication of a bear pattern on the monthly and weekly chart.
Going back to 2000, there is a resistance line that, when tagged, has been a precursor to the collapse on this stock. Post CDO loss revelations the stock already bounced hard off of a 30 dollar pierce. This time when it goes back down I think it takes out the 30 dollar level and collapses back down to the 2009 lows.
If this should unfold it would be an utter disaster for the stock market as this is the largest US bank, the mover of the financial stocks, and definitely a market mover.
[IMG]http://i.imgur.com/p6TBO.png[/IMG]
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