Greg Harmon was recently a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Dragonfly Capital Founder Greg Harmon discussed JPMorgan Chase & Co. JPM on the show.
Harmon noted that JPM was a low volatility stock that often moved less than 2 percent amid earnings reports.
The $62.50 level was seen as a “wall” for the shares, however, Harmon felt there were ways to play JPM.
Weekly options had a “huge amount of open interest at $62.50,” according to Harmon, and a large amount below that level.
Harmon thought traders could use a 1x2 Call spread to play the upside using a $62/$63 spread that would allow for high leverage with low risk.
JPMorgan Chase & Co. reports earnings on Tuesday and recently traded at $62.19, up 0.79 percent.
Listen to the show here:
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