Selling Surge: JPMorgan Chase Hits 52-Week Lows (JPM)

Posted in General 
June 27th, 2008

There has been what sort of looks or feels like a concerted early-afternoon selling surge in shares of JPMorgan Chase (NYSE: JPM).  What is interesting about this selling surge is that JPMorgan is THE best of the best banks right now.  This had been positive all morning but the selling picked up right after Noon and at 1:04 PM EST we now sit with a 52-week low of $34.85.  The prior lows had been $36.01 and the 52-week high is $50.48.  We have also now seen some 31.2 million shares trade hands and that just about matches the 33.6 million average daily volume.  If we had to guess, we’d be reminding you that there has been media coverage and much talk concerning the chances that the company goes out and acquires another super-regional banking player.  Interestingly enough, it doesn’t look like the option activities in the current month are showing anything imminent.  Stay tuned.

Jon Ogg

June 27, 2008

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