The above chart is a Daily chart of JPM as of 1-9-2009; as in the last chart we saw that the Stoch and RSI were in the Overbrought area and need to come down or find suppport, well it did move higher, then tanked with us in it. The bow MA fail to produce a quailty trade that was substainable. JPM is set for Jan 21 2009 earnings report and a Diviend Payout on Jan 31, 2009. Conference call is scheduled for Jan 21; as the earnings annoucement will be BMO = Before Market Opens on Jan 21. We see contintued pressure on the Weekly Chart for JPM to the downside. 
Well we were off to a nice start for the 2009 season and in a bold move to play with the market in a game of chicken. We find ourselves in a -2% loss for Jan 2009. We were long and had a profit going into the Jobless Number, however, it did not last. We decided to straddle this trade with a put. Wrong! Instead of a closer to the money put we purchased one that was two strikes out of the money, which mean it will take twice as long to develop then one in closer or at the money.
Oh well, win some and loss them. I have gone back to the drawing board to figure out the little details that were missed.
We did find that mental stops are good if you remember them. We found that you need to check the option chain for were all the options are at in relation to Stock Price. Spreadsheets have been updated to correctly price which options are better than others.
