Volume Spike Investor

JPMorgan Chase & Co. (NYSE: JPM) blew earnings away at $0.82 EPS vs $0.52 EPS estimates from Thomson Reuters and beat revenues as well.  The bank also noted that it is seeing some stabilization in consumer credit and is proving why it is America’s cleanest bank.  Shares are up 3.9% at $47.45 at new 52-week highs (above $46.50) on almost 900,000 shares as of 8:09 AM EST.  Average volume is about 39 million shares, so watch for much more activity once the NYSE specialist frees this one up to trade as the 9:30 opening bell gets here.  This is so strong that it is the single stock causing the surge in the highly volatile triple-leverage Direxion Daily Financial Bull 3X Shares (NYSE: FAS).  The FAS at 8:10 AM EST has now traded right at 100,000 shares and is up almost 5% at $90.01 in the pre-market.

UPDATE at 9:04 AM EST: JPM up 4.1% at $47.53 on almost 4 million shares; FAS up ‘only’ 5.5% at $90.63 but on almost 500,000 shares.

JON C. OGG