JP Morgan beats by .30, beat expected revenues

Another beat by another company. Another squeeze higher of a few S&P points, but we are trading back to where we were before the JP Morgan earnings announcement.
What is funny is that JP Morgan calls its balance sheet a "fortress balance sheet". They are levered extremely high, not through the eyeballs like some of the other banks, but their Tier 1 capital ratio is low, considering how dependent their balance sheet is on asset prices rather than cash flow. But all that stuff doesn't matter when you can mark to model/myth.

S&P futures are trading at 1083.50, all kind of great earnings news is out, much of it expected, and we have a gap up well over 1%. We have rallied from 1015 a week and a half ago and have gone relentlessly higher. If that doesn't scream sell, I don't know what will.