Blog Post On: 12/15/2009

Looking at J.P. Morgan (JPM) today it appears a head and shoulders pattern has developed. This can be bearish. The one thing that is really striking is that JPM is not far from the high it made when the DOW was over 14,000 and the economy was booming.  It seems pricy at these levels.

Even with the market closing down today the AD Line is still advancing and broke to a new high, which is good for the market, but JPM makes one wonder if the financial sector is due for a rest (down trend).