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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC Capital... More
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  • Trade Alert: JPM on 200 day SMA  0 comments
    May 25, 2011 10:01 AM | about stocks: JPM

    HedgeFundLIVE — JPM crossed below the 200 day sma (green line) early on Tuesday. The level of support was 42.18. The price action moved easily through the line, which is a cause for concern if you’re a bull. Tomorrow’s price action will be a good indicator of whether this stock will continue lower or move higher off of the 200 day line.

    Fundamentally, JPM is a very strong stock. There is no reason to think the company is in bad shape on this decline. In fact, this is an excellent buying opportunity and gets even better as the stock moves lower. Think of this like shares of JPM are on sale. Here is a link to Dean Machado’s fundamental breakdown of JPM Five Reasons Why JPM is a Buy.

    The last time JPM moved below the 200 day sma was about one year ago, May 5, 2010. The stock stayed below for almost 7 months before cleanly moving higher and maintaining its position.

    jpm, stock, trading, fundamental, technical, day trading, daytradewell, hedgefundlive, simple moving average

    JPM 5-24-11 sitting on 200 day SMA

     

    * Check out Day Trade Well’s daily newsletter The Daily Technician, including over 30 support and resistance ideas every morning! Find it every morning under the Analysis section on HFL.com and sign up to receive the email every morning.

    DayTradeWell.com and HedgeFundLIVE.com

    Author contact: eric.kelly@hedgefundlive.com 
    Stocks: JPM
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