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Eric Kelly
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Trader and money manager, graduate of the University of Michigan with dual degrees in Finance and Accounting. I have with interest in all global markets, assets, and trading styles. The analysis and opinions conveyed in my articles are my own, not that of my employer.
  • Trade Alert: JPM on 200 day SMA 0 comments
    May 24, 2011 4:45 PM | about stocks: JPM
    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. 

    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

     

     

     

     

     

     

     

     

    Stocks: JPM
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