Jpmorgan Chase & Co (JPM) Up 8.99%, in a Downtrend Over Past 90 Days; Bullish Engulfing Pattern in Play

And while jamie dimon was mum on how much more losses the bank may be forced to take in coming quarters to offset the coming default surge (something we discussed in houston: the banks have a huge problem ), it hinted that things are about to get much worse when it first halted all non-paycheck protection program based loan issuance for the foreseeable future (i.e., all non-government guaranteed loans) because as we said ” the only reason why jpmorgan would “temporarily suspend” all non-government backstopped loans such as ppp, is if the bank expects a default tsunami to hit coupled with a full-blown depression that wipes out the value of any and all assets pledged to collateralize the loans .”