JP Morgan (JPM) is down $1.28 to $35.50 on a New York Times story suggesting the bank’s “bungled trade could total as much as $9 billion, far exceeding earlier public estimates.” Shares are the biggest losers within the Dow today and the top options trade on JPM is a Sep 23 – 27 (2X1) put ratio spread for a penny, 3000X on AMEX. (Bought 1, sold 2). Looks like a new position on concerns the stock might slip to the mid-20s by mid-September.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.