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inthemoneystock (< 20)

JPMorgan Chase Gaps Then Craps



April 13, 2011 – Comments (1) | RELATED TICKERS: JPM

JPMorgan Chase & Co. (NYSE:JPM) opened nicely higher this morning after reporting earnings that beat expectations. While the earnings were solid, the stock could not hold the gains and has fallen sharply, now trading at $46.06, -0.58 (-1.24%). The key to this level is the even number and double bottom shown on the chart below. This could be a solid level for support on JPMorgan for a bounce.

Gareth Soloway

1 Comments – Post Your Own

#1) On April 13, 2011 at 2:26 PM, davejh23 (< 20) wrote:

The earnings report was terrible.  They beat estimates by a mile, but excluding their raiding of loss reserves, EPS would have come in around $0.99...missing expectations by nearly 15%...which makes sense considering revenue was down 10% YoY.  In addition, the CEO acknowledged that foreclosure related expenses will be huge for the foreseeable future.  Nothing to be excited about here...I'm actually suprised the stock isn't down 10%...many other stocks have tanked on decent earnings recently.

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