Just Pour Me another round of that 3rd red eye, Bucky. (Overheard in the Last Chant Saloon)

Gator's Chart of the Day: JPM

I think the general consensus is that Ben Bernanke has the banks backs.  Money will be entering the economy through them to the tune of $40B every month until he's gone or every able bodied man, woman and child has a W-2 or a darned good excuse for not being at work.

Looking at the chart, the white line intersects the vertex of the "W pattern" that JPM completed in January.  I'm viewing that as long term support and I see a bull flag in the 41 area that would suggest a measured move back to just above 45.  I am already long a starter position that I acquired on 9/19 and I want to add to it.

The Trade
Assuming a flat to up open I'll look to add as much as I bought to establish the position which would make it about half full.  If it clears 42.19 I'll fill out the position.  (42.09 is the top of the flagpole.)  My stop on all but the core will be just under 40.