HedgeFundLive.com — JPM earnings were out this morning and the stock acted exactly like the market has for the better part of two weeks, rally up and slam it the rest of the day, coincedentally speaking the S&P performed the same way. So what is the deal?
Since I deal with tecnhnical analysis, the technical picture is fuzzy but trying to get clearer in that the 20 day SMA has confirmed a move up through the 50 day SMA. For the second day in a row, the S&P June futures held these moving averages very nicely. On a note of interest, yesterdays low was a 1/4 handle higher than todays, 1305.25 and 1305 respectively, and todays close was was a 1/2 handle higher than yesterdays. You might think this is nitpicking but this market is clearly driven by quants and the computers will read, lower low and higher close, more confusion.
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