Introduction

i think jamie diamond and j p morgan chase have become almost bell weathers for how the economy is doing as a whole. The good quarter was supported by largely better than expected loan losses that contributed around one and a half billion dollars to their bottom line. When you combine that with the tax credit, they actually didn't beat earnings as strongly as the market may suggest. But taking out these what should be considered one time credits, it was closer to meeting expectations,. which maybe explained some of the stock movement to day.