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Traders can’t help but wonder what happens in the stock market on Wednesday, when JPMorgan CEO Jamie Dimon testifies before Congress.“It’s going to be a circus,” said Karen Finerman of Metropolitan Capital Advisors, during a discussion with fellow stock traders on CNBC's " Fast Money " the evening before the scheduled hearing. “Every politician will use every question to grandstand."
Dimon is appearing before Congress following revelations that a unit of his bank made outsize bets in the derivative markets, resulting in an unexpected loss of at least $2 billion for the company. While the bank said it can absorb the loss, the incident is serving as a "told you so" moment for those arguing for more stringent regulation of the banking industry.“It will be a certified gong show,” added hedge fund manager Keith McCullough.And the tone of the hearing has the pros worried.
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