The House Of Morgan Is On Fire

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News broke late this afternoon that JPM             could settle its claims for $11 Billion. Catalyst? Check. JPM             catapulted off of support aligned with the 200 Day Moving Average in today's trading. I'd like to enter short on a spike around $53 (gap fill) with a stop loss above the 20 MA on a closing basis. Should this trigger below support, it would probably be wise to take some profit between $46-$47 while we wait to see how the larger pattern is playing out. Should price blow through that handle, $44 seems the next logical stop. However, keep in mind this will invalidate the larger H&S Top pattern currently in formation targeting $35. Good luck out there!
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