Look at what I am seeing in the JPMorgan Chase (Ticker: JPM) stock chart:
A bearish engulfing pattern happens at the top of an uptrend when a red (black) candle engulfs the whole real body of the previous green (white) candle.
I believe JPM will trade lower and it will happen in the next two days, so I’m going to buy the May21 cycle — yes, expiring Friday!
I like buying the May21 160 puts paying up to $.75. This is a quick, inexpensive shot at JPM trading lower.
Thanks for Reading … See You Thursday! YOU BETTER BE THERE!