The morning action in GS and JPM are simply impressive. There is consistent buying going on.
I have been patiently waiting to enter a light position in JPM, but discipline prevents me with such overbought intraday conditions. There will be a point when the major buyer(s) stop purchasing for the day, and will be allowed to properly consolidate. When that happens, I will enter a light position.
I like today's action because I think today started the move that the capital market banks will revert to book value. (This is not an earnings story!)
This will be an initial position because I am still expecting a hiccup when the Greek "default" is announced, and will enter the rest of the position on that hiccup.
The daily chart suggests JPM want to break out of the 200SMA sooner-rather-than-later.