Selling Higher Prices

The New York Times reported this morning:

Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.

It was obvious that this would happen. Now it has. Still I wonder why would anyone lend Jamie Dimon a dime? That's what a deposit in a bank truly is: a loan. It does not sit in a little vault with your name on it. It promptly gets loaned out, or worse, it gets used for speculation.

Yesterday's target zone of 1329.97-1337.82 was reached.  The high was 1334.40.  Futures are down but not out.  The rise from the 6/25 low of 1309.27 is so sloppy that it's unclear to me at this time what price would signal a reversal if broken.  I'll repeat a couple things I mentioned on Twitter:

The S&P has been in a rising trend channel and was having trouble holding it yesterday.  Futures indicate it will open below it this morning.  Volume has been contracting as we've gone higher.

There could be some volatility surrounding the supreme court ruling on health care at 10am EST, and who knows what will come out of the European summit (judging by the quick retraction of the German Finance Minister's comments on debt sharing, things are getting desperate there). 

There is plenty of room for higher prices.  But I will be a seller if they should occur.