The “reversal” in financials continues:
* JPMorgan ($JPM) -$5.30 after being +$6. Wally Deemer confirmed to me a possible downside day if things stay the same
* Short Morgan Stanley ($MS) is about even on the day after being +$5 in the early going (added $228.47)
* Short Goldman Sachs ($GS) is +$4 after being +$26 (added at $1,119)
* American Express ($AXP) -$2 after being +$7
And so on and so forth…
Position: Short GS (VS), MS (VS)
I added to index shorts as the market makes a high for the day:
* $SPY $746.83
* $QQQ $738.73
Proximate reasons: extended memory stocks (moving to Ludacris Speed!) and the outside day to the downside in JPMorgan ($JPM).
Position: Short SPY (S), QQQ (S)
Let’s check my price targets for Micron and other storage and semiconductor stocks, SpaceX’s IPO, the latest on Iran talks.
We will continue tracking IPO and M&A activity for signs of even further upside.
U.S. and Iran trade fire over the weekend, Nvidia unveils a new super chip, and Jamie Dimon says exuberance ain’t so bad …
Extreme concentration and 100x earnings multiples aren’t my game. This off-the-radar tech trade is.
