BY LICIA LESLIE
October 29, 2023
Hi Shoppers,
JP Morgan (Ticker: JPM) looked pretty ugly, along with the rest of the market, on Friday.
Apparently, Jamie Dimon is selling a million shares.
It closed well below the median support line (red line) on my pitchfork:
The next support level comes in at $131 and then $127.
Next week’s puts:
The 135s around $1.50 aren’t too shabby.
Use a closer above $138 for your stop loss.
Trade Review
After being wrong earlier in the week, I was right about Friday’s S&P 500 (TIcker: SPX) move.
The Nov03 412/402 put spread I recommended for around $2.25 went out at $3.28 and traded higher intraday.
We may see one more leg lower.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain