We last spoke about $JPM back in early June (original chart) after the market fell violently off highs coupled with the commodity correction.. oil 103-high 70’s remember?? .. anyway..
We thought it was a good idea to get into this name around 34 bucks for a swing back to highs based on the chart pattern and general tape feel. Today JPM traded 45. New chart below
Over the 2 year high of 48.36 in JPM could really turn the gas on for the XLF as it stalks two year highs of 17.20. Perfect technical storm.. XLF monthly chart below.. over 17.21 means 20 perhaps. Stop by the forum today for further updates.
|Original annotation of the arrow from June 13, 2012|