Blowout Number for JP Morgan

Posted by UpsideTrader
on October 14th, 2009

JP Morgan blew out their number this morning, completely surpassing analysts estimates. Intel blew out the number last night and futures are flying this morning. So far the “double top” on the S&P has gone the way of that ominous looking head and shoulders pattern that never materialized a month ago. When you’re in a liquidity driven melt up, charts have a tendency to take a back seat.

Goldlman Sachs and Google are on tap for tomorrow and we have Bank of America and GE on Friday. Oil moves up a bit after hitting a one year high.

XLF, S&P and the NDX should all make year to date highs in here and everyone is looking for DOW 10,000.

The short sellers continue to get bludgeoned like baby seals here as they fight their fight and try and catch the “top. Trying to catch tops or bottoms is usually a losers games and will usually blow you out. The “middle” is usually where all the money is made, unless you’re God or lucky.

Have a great day.

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