Recent posts mentioned JPM and how it is very close to breaking below its 50day moving average, and possibly taking the broad market with it. Initially the stock held its 50day and moved higher. But yesterday it closed just above while today it closed just below. This hide and seek with its 50day moving average is looking more and more like the fall is imminent.
One day certainly does not make a trend, but with the major indices falling below their 50day moving averages today also it seems some large vanilla longs are getting a little nervous in this environment.
If long, look for a hedge.
If short, look to add on weakness.
If trading then look for set ups like JPM...price target $40.
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