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jpm and the market


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#1 gannman

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Posted 24 June 2020 - 11:12 PM

simply put i expect jpm to trade down to about the 50 level at least

 

obviously that would not be good for the overall market


feeling mellow with the yellow metal


#2 kaiser soze

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Posted 24 June 2020 - 11:35 PM

Looks like we're on the same page but your targets are more aggressive than mine. My first target for JPM is a marginal new low around 75-ish.  I expect a lot of cyclical stocks to make new lows in the next leg down.  Energy, banks, insurers, mall REITs, apparel box retailers and small cap value look particularly weak.  Transports and Home builders are not that weak yet, but will also get hit pretty hard in a cyclical sell-off. 

 

The interesting thing is that many stocks in traditionally non-cyclical defensive areas such as staples, utilities and pharma are also breaking down.  Looks like software and internet stocks are the new defensives. 



#3 slupert

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Posted 25 June 2020 - 04:33 PM

simply put i expect jpm to trade down to about the 50 level at least

 

obviously that would not be good for the overall market

 

Why?



#4 gannman

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Posted 25 June 2020 - 06:01 PM

the wave structure look at the financials 

 

i think we will duplicate the decline we had from feb to mar 

 

check out the utilities they are sending a message


feeling mellow with the yellow metal


#5 gannman

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Posted 25 June 2020 - 06:03 PM

and i might be off by a minor wave but the larger wave structure to me

 

is very bearish this thing might hold up into next week i dont know but i am 

 

pretty sure we are heading for a very large decline


feeling mellow with the yellow metal