Last evenings news that a J P Morgan trader/dept lost around $2bn gave JPM holders a real scare today. Of course 2bn in the world of JPM is not that much, but its getting a lot of negative attention from the mainstream, and this story could yet develop into something at least a little bigger.
JPM, daily
Summary
From a price perspective, we are not far from the big 200 day MA of 36.26, a break under this opens up a move somewhere between 34-31. If the main market does slip to sp'1270 in the coming month or so, then JPM would surely have a chance of testing last Octobers low of $28.
