The S&P Emini Futures dropped 14 points after hours when JP Morgan CEO Jamie Dimon announced a $2 billion trade loss in their prop trading department. During the surprise conference call Dimon said the loss was a "big mistake" but that it did not violate the Volcker Rule. He also said, "These were egregious mistakes, they were self-inflicted,” and that "the losses could easily get worse this quarter and beyond."
Trader Bruno Iksil had earned the nickname “the London Whale” in recent months by selling huge amounts of credit-default swaps to hedge funds, a strategy that soured in recent weeks. The WSJ released the following video over a month ago.
S&P 500 Emini Futures
Last night's big picture Tweet is still in play as it has yet to trigger. Our inside Tweet reversed @ 1358 "to the tick" for a nice brisk 10 point drop.
S&P 500 Emini Futures (ES) 05/0912
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