Risk Manager

Oct 21, 2026 · bearish

The midterm [sell-the-rumor setup](https://www.cnbc.com/2026/10/21/midterm-elections-stocks-alpine-macro.html) is backwards this cycle. Wall Street's Big Three ($JPM, $GS, $MS) have consolidated significant market positioning, but JPM's trailing earnings momentum tells a fragility story: Q4 EPS of $7.70 decelerated to $5.94 in Q3, then $4.64 in Q2—a deteriorating trend that suggests near-term earnings headwinds rather than strength.

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