All eyes were on JPM and the market liked the earnings....pre-market this morning here 5:30 am California time out here it was trading in the $34 range but definitely below $35...as we crawled closer to the new york open which is 6:30 CA time the stock was creeping higher and finally opened over $35....the thing that I took notice was that the S&P futures had done a U-turn as well and were now on the verge of a small resistance breakout at 1337....in my experience I knew that the small momentum garnered pre-market was going to pick-up as the market opened, so there was a small window to cover my JPM short at $35.15 (my fill)....and HEDGE the rest of my short positions...my fill on those hedges was right around that 1340 area on the S&P...appears market is carving out yet another decent rally to suck-in more buyers and exhaust even more buying power...this is starting to get rather reminiscent of '07 where given an extraordinary weak technical picture, the Market indicees just refused to go down with any follow-through....stay the course and remain nimble, it is really all you can do....like I always say, the market is gonna do what it's gonna do and it's not worth getting upset...keep discipline, remain focused and at some point the Chop will turn into a more sustainable trend...
JPM has room to run to $37.50 or so and I'll be looking to re-short there....for now I'll take the small +0.80% gain and move on...
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