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JPMorgan Chase & Co. Message Board

  • smythwrd smythwrd Mar 20, 2008 3:34 PM Flag

    JPM up last four days and Up 25%. Maybe profit taking time

    anyone else think so?

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    • I sold JPM some time ago at 45, but I've been buying since the Bear deal. A dip would be just fine, but it won't last until this rally peaks.

      M* pegged JPM's fair value at $63--before the Bear steal and the latest Fed moves. Even at today's price, there's a nice margin of safety for long-term buyers.

    • First resistance level is 48 and second is at 50. Given strong short covering momentum, and fed action, 52 wk hi (52.95) in this rally is not inconceivable. A day of pause is possible - more sideways than down for JPM at this level. With 2.25% fed rate, banks will make money and their estimates ought to go up sharply as fed has cut rates dramatically in a short time.

      • 1 Reply to vdsagdeo
      • dream on! 50's - 60's .... oh you forgot it might go to 90s too. Agreed that the banks can borrow at lower interest rate, but they are going to lend much lesser than they did in past. the interest rates have gone down by 3% and lending activity has AT LEAST got down by 10%. You can do the math. Bear's deal (if it goes through) will add some value, but it's more likely one blind man holding another blind man's hand.

    • I'd be careful. JPM has been a rocketship the past few days. Short term traders who bought in the mid to high 30's might want to get out now with a nice/quick profit. Longs may want to hold due to upside in Financials that may take solid companies (like JPM) to new heights by the end of 08.

      • 2 Replies to chunnoga
      • I have found it amusing to watch traders battle the Fed with both hands AND both feet. Kicking, screaming, punching and biting. So far the axiom about not fighting the Fed has held true. Ben had to pull out some pretty nifty tricks out of his bag to do it.

        Having said that, no stock goes in a straight line so JPM surely could be due for a pullback. The ST traders may pull it back under 40 on some bad news. And the only thing we can be sure of is that there will be a lot of bad economic news in the coming months.

      • It may sell on Monday, because it's had a very good run, and most day traders and swing traders are more than happy to take a 25% gain. The whole finacial sector may see a down day on Monday and then another pop up mid week.
        This is just my opinion GL

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