Initial JPM thoughts

First, while this loss is a one time adjustment to capital, the use of this type of ‘trading’ as a profit center is probably a thing of the past.

Additionally, my guess is the whale has been liquidating a long oil position (and maybe paying on long bma ratios) for the last several weeks.

That is, this announcement probably came after their liquidations were pretty much over to minimize losses.

This means the market effects are probably behind us.

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