Thought I’d throw out a nice Friday afternoon bone to ya’ll before you head out for the weekend. I just initiated a new short position in JPMorgan Chase (JPM). I like the setup and we’ll see how well it goes. This was also one of my morning short trade setups that I spoke of. My parameters were the exact same as what I gave you this morning.

My 1st target price on JPM will be 35.70 where I will look to take off half my position should it reach that target.

And yes, hate seeing, and quite discouraging, the rally that ensued when the market opened. I wrote that it was a possibility this morning. I tried to be optimistic and say there was only a 5% chance of that happening, but my instincts told me differently. Oh well – I honestly have no idea what can drive this market down anymore, which is one reason why I am adding another short position to my portfolio today, because that feeling can often times be indicative of the market deciding to finally change its tune.

What the heck, in the words of Batman himself, “You either die a hero, or live long enough to see yourself become the villain.” We’ll see what happens.

I’ll post the weekly wrap up either later tonight or tomorrow morning.

Have a great weekend.

Here’s the chart on JPM.

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