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On Friday the Fast pros were intrigued by the price action in JPMorgan, which traded down into negative territory then pared losses while most other big banks rallied hard.
Believing that leaders had made a big step forward in the overseas financial crisis, investors hit the buy button in a slew of financials including Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley .
But they didn’t buy JPMorgan with nearly the same gusto. For parts of the session the stock was negative.
That's unusual because the Fast Money pros believe the buying thesis was largely pegged to word that the EU had agreed to allow rescue funds to be used to stabilize the region's banks. The Street interpreted developments as a sign that European policy makers had removed systemic risk from the financial crisis.
That same catalyst should also benefit JPMorgan, too. Yet Jamie Dimon's bank traded in the red.
Jon Najarian explains there's another catalyst - and it seems to be trumping the EU developments.He says the Street is still very focussed on a report in the New York Times which said losses from a bungled credit-derivatives trade could be as much as $9 billion, much more than earlier estimated.
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