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JPM
Something’s Gotta Give
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Two Bullish Positions on KSS and JPM
The markets have had an overall bullish run over the last couple of weeks.
They haven't bounced up in a straight line (they rarely do), as they gapped up two weeks ago, filled the gap and have now run up higher with a couple of the big three indexes closing above their 50-day Simple Moving Average.
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As we finish out the week, our position on JP Morgan Chase & Co. (NYSE: JPM) is trading lower.
I think it is best if we take this trade off the table and preserve capital for trades coming up soon.
Here's what to do...
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The financials have decided to play some catch up as one of the only sectors that has been left behind.
Both JPMorgan Chase & Co. (NYSE: JPM)and Bank of America Corp. (NYSE: BAC) moved above their respective 20- and 50-day moving averages today, which means we need to get these positions out of the portfolio...
Action #1 to Take: Sell-to-Close the JPMorgan Chase & Co. (NYSE: JPM) June 19, 2020 $90 Puts (JPM200619P00090000) for $3.35 or more.
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That's what I told your fellow Night Traders this morning on the livestream, just before I jumped offline to get the last of today's trade recommendations to you.
I meant it. This market has been acting irrationally for the last few weeks. Sure, I understand a dead cat bounce, probably better than 99% of the traders out there, but this rally was so much more than that.
No, this FOMO (fear of missing out) rally was unlike any that I've seen since 2008. This is why I maintained a vigilant eye on the technicals. For a few weeks, they have been telling us that the market didn't have the gumption to continue pressing higher.
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As I mentioned last week, the market is slipping below a tipping point that warrants the addition of another round of protective puts.
We're looking at the short-term here, with a close eye on the intermediate-term trends. Both General Motors Co. (NYSE: GM) and JP Morgan Chase & Co. (NYSE: JPM) have been relative strength laggards during the recent rally, and they're both breaking into dangerous technical territory this morning.
We're going to take the short-term move to add puts on these names with the objective of posting some quick profits...
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Markets are retreating today from strong resistance in anticipation of an expected rocky earnings season that opens up this week.
It sure will be interesting. Some of the biggest contenders are big banks like JPMorgan Chase & Co. (NYSE: JPM) and Citigroup Inc. (NYSE: C) that have had to deal with near-zero interest rates. JPM will kick things off tomorrow.
With market momentum to the downside, we will sit out of our bullish trade for today. But like last week, we may have a potential recommendation come Tuesday, so stay tuned for alerts!
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I'm going to keep things brief because I want to draw your attention to our most recent profit - this time from our "short" JPM April 17, 2020 $65 Put (JPM200417P00065000) recommendation.
Early in today's trading, JPM200417P00065000 traded through our outstanding profit target of $0.87 and removed it from the portfolio capturing a 75.14% profit for our effort.
We initially sold the JPM200417P00065000 options for $3.50 per contract, bought them back for $0.87, which means we got to keep $2.63 (or $263) for every contract we sold.
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