J.P. Morgan Traders Breathe Sigh of Relief (JPM)

Shares of J.P Morgan Chase & Co.

are higher on the session by 1.79%, currently trading at $38.71. The stock continues to consolidate around the $38.00 level after a sharp slide lower in May and early June. JPM was extremely weak yesterday, with traders pulling bids all day long, and put purchases soaring. Today, traders are selling some of that protection that they picked up yesterday as the fin-reg bill proves to be less taxing than it could have been. The July $37 put was sold right at the opening bell; volume is currently running at 12,000 contracts on open interest of 21,629 contracts. Sales are far outweighing purchases. JPMorgan Chase & Co. is a financial holding company. JPMorgan Chase's principal bank subsidiaries are JPMorgan Chase Bank, National Association, a national banking association with United States branches in 23 states, and Chase Bank USA, National Association, a national banking association that is the Firm's credit card-issuing bank.