Right now, I don't have much of a decline in the markets ( that could of course change...) and JPM might be a special case because of it relationship to gold. The fact that its ascent was not stopped as gold rose recently and the possibility that gold will once more march to well under $350 makes JPM a poor short. I doubt that short term (a month) JPM goes under $30, the best you could expect is $31 or so, the more likely retrenchment would be to just $32.5, IMTO.
I am not in this morning, but I do expect up to about an hour of a little down market and an early lunch ramp, but I expect an afternoon sell to be more vicious than yesterday's swoon. I have few "under the market bids" for the lunch tactics for the morning, I just hope I used deep enough discounts...
PS. Someone posted a Citigroup chart on this thread few days ago, it might be interesting to see the same long term JPM chart and derive some "longer term "solace"?
Zeev
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