 Welcome traders to another tick mill earning season preview as we kick off results for the third quarter. Today we're going to be looking at JP Morgan but before we jump into today's preview we as always want to adhere to that risk disclaimer. Most pertinence to today's presentation, the views and opinions expressed by me are solely mine, they're not indicative or representative of those held by tick mill at the UK or tick mill Europe Limited. So JP Morgan announcing today before the open of New York trading, we're looking for an earnings per share of $2.90 on revenue of $32.123 billion. I would say there is a whisper number out there that we could see a print of $3.03 on the upside in terms of earnings per share. In terms of the report itself, JP Morgan's net interest margin, which is the measure of the gap between the income banks generate from credit products like loads of mortgages and the interest they pay to depositors and other credit services. It's analogous to gross margin reported by non-financial companies, which is the difference between sales and the cost of goods sold. In extremely low interest rate environments, net interest margins get squeezed as banks lower rates charge to borrowers to remain competitive, but they are reluctant to push rates they pay to creditors below the lower zero bounds. Note that JP Morgan refers to net interest margin as net yield on interest earnings assets in its financial materials. Net interest margin is a specially important metric to watch at this juncture. JP Morgan's net interest margin gradually fell in 2020 and 2021 after the Fed lowered interest rates to mitigate the shock of COVID-19, making it easier for households and businesses to borrow. The Fed's rate hikes have already started to improve the bank's net interest margin. JP Morgan's net interest margin ranged from 2.37% to 2.57% between Q1 fiscal year 2018 to Q1 fiscal year 2020, dropped to 1.99% in the second quarter of fiscal year 2020 and fell further subsequent quarters reaching a low of 1.62% in the second quarter and third quarter of 2021. Since then, it's partially uncovered at a slow pace in the second quarter of this year. Net interest margin rose to 1.8% in its highest in nine quarters. Analysts estimate that the net interest margin will rise again in the third quarter, reaching a potential 1.99%, but still short of pre-pandemic levels. Let's take a look at some of the trading patterns that we can see statistically around earnings. The JP Morgan shares have moved lower in the immediate aftermath of earnings, nine out of 12 previous reports. On average, the stock moved down 1.7% in the first day of trading after the company reported earnings. Based on the previous 12 earnings releases, JP Morgan shares are more likely to trade lower one day after earnings for an average loss of 0.4%, and on average, the stock has moved lower 0.2% one week after earnings from an implied volatility perspective and what the options markets are pricing for the earnings. They're looking for about a 5% move either up or down on today's release. The options market has overestimated JP Morgan stock earnings, moved 75% at the time in the last 12 quarters. The predicted move after earnings announcement has been on average a 3.6% move, but in actual fact, the earnings moves have averaged 2.5%. From a sentiment perspective, there has been notable buying 4,840 contracts of a bullish call expiring at the close of trade today, and options order flow in general is bullish. Investment sentiment going into the company's earnings has 35% of analysts expecting an earnings beat. JP Morgan's share price has drifted down 1.3% post its prior earnings announcements and using the last 12 quarters of data, the average drift between earnings announcements is 3.3% to the up or to the downside. Now, let's pull up the chart here and see if we can identify any near term trading opportunities in terms of the technical setup. Looking at this chart, we have a bullish set up here on the interest rate for our timeframe. We've actually broke out yesterday from this descending wedge pattern. On the daily timeframe, we've got a nice outside reversal candle capping 1, 2, 3, 4, 5 prior days of range yesterday at the close. On the weekly timeframe here, we can see potentially putting in a big bullish reversal pattern. We've got some nice momentum divergence. So, from a technical perspective, I'm constructive on the stock and I'd like to be a buyer on a decent report today on a bullish open. I want to engage on the long side and I would be using a stock of 101 on the downside, but my target for JP Morgan shares at this stage would be a test up into 122. And if we can consolidate there, then I'll actually be looking to move up into the 129, 130 level as the next upside objective. As always traders, plan the trade, trade the plan and most importantly, manage all risk. And so next time, thanks very much.