The bear signal that triggered the trade was a close yesterday below the 20-day price channel. However, the chart today shows JPM trading back above the 20-day channel. That negates the signal and means that JPM is no longer a prospect.
So, away with you, JPM! With no potential earnings plays on my desk, that means no new analysis for the day. Enjoy the weekend.
-- Tim Bovee, Portland, Oregon, Feb. 12, 2016
Tradecraft: Playing the odds to build winning stock market trades from options, a description of how I trade, can be read here.
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