A Long-Term Look at JPMorgan Chase

After earnings this morning, and as we head into the heart reporting season for U.S. financials as a group, JPMorgan Chase is rallying nicely. 

The long-term look, below on the monthly chart, shows that JPM (along with WFC) is one of the few U.S. banks well above prior 2000 and 2007 highs. This type of look gets to the heart of the bull case, and show drive a sense of urgency into bears who continues to fumble one opportunity after the next.

As you can plainly see via the horizontal light blue line, the $60 level for JPM has been a critical price area since the turn of the century. As long as that now holds as support, I suspect bears will continue to have a rough go of it, considering how prominent both the JPM brand and its current CEO are. 

Elsewhere, we have another broad market gap up with decent but perhaps short-term tired action below the surface. I am stalking some names which already flexed but may be setting up for a new run higher, such as MBLY. Overall, I remain reticent to try to scoop up volatility and the like, just yet, given that these consecutive gaps higher in the market may be a function of fund managers necessary chasing the tape after the Brexit fake-out.