Monday, May 09, 2011

Want to make a billion dollars in a week?

The best way to accomplish this seemingly impossible goal appears to be to name your child JPMorgan.

"JPMorgan’s market risk-related revenue averaged $112 million a day in the quarter and was higher than $160 million on seven of the period’s 64 days."

The commodity complex remains extremely volatile - oil rebounded sharply today and right now there is a strong correlation between equities and oil prices (as counter-intuitive as that seems).

Cheers!

************************ Update:

Goldman ruined the perfect streak for the banks by admitting that, yes there was one day in the first quarter when they didn't make money trading.

So for those of you keeping score at home: Goldman, Bank of America and JP Morgan COMBINED had one losing day in the first quarter. Oh, and Goldman had trading profits over $100 million on 32 of the 64 trading days. The Ferrari dealership in Greenwich is going to be busy this year.

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