JPM Latest “Teacup” Crises Could Cost it -24.7%

JPMorgan Chase (JPM – NYSE)

Wednesday, August 28, 2013

JPMorgan Chase (JPM – NYSE)’s political cover – and stock price – continues to crumble away.

This week, Reuters revealed that JPMorgan may have to shell out $6 billion to settle lawsuits over it’s participation in the toxic subprime mortgages bonds that destroyed the global economy in 2008. The Federal Housing Finance Agency (FHFA) has been after JPM for two years now, and it looks like JPM will finally have to pay its tab.

Oh, and remember Bruno Iksil, the “London Whale” who racked up $6.2 billion in losses for JPM? Well, now Iksil is cooperating with prosecutors and the Spanish police just arrested his boss at JPM, Javier Martin-Artajo, for fraud. Rumor has it that Martin-Artajo is fighting extradition to the United States with all means available.

One wonders if CEO Jamie Dimon still thinks all this is just a “tempest in a teacup?”

JPM 082813

Bottarelli Research Tip: Don’t let the fact that JPM has been on a tear for more than a year fool you into thinking the mega-bank is invulnerable. Over the past two weeks, JPM posted one whopping 4x Sell Signal Stack. Over the past three years, similar signals have cost JPM -37.6% and -28.6%. (And keep in mind that all this happened after the big crash of 2008 — 2009.) A similar tumble now would see JPM rip through support at the 38.2% retracement marker at $45.27, before settling out at the 61.8% marker at $38.09. That’s a very bitter cup of tea! That’s probably why we prefer coffee — notably GMCR coffee. Get this…

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