Dimon's Buys Are Forever

A few weeks back, Jamie Dimon, chairman and chief executive of JPMorgan Chase, spent $26 million of his personal fortune to buy his bank's stock, JPM. His buys were cheered as a sign of a bottom for the stock and perhaps the market at-large. 

Today, JPM and the other big banks in the XLF are getting whacked again, clearly lagging the market. I suspect today may be a pivotal day, in terms of whether the financials' weakness finally brings down the rest of the market, or instead if buyers are galvanized by the broad market hanging in there above 1900 and step in. 

Of course, the crude oil weakness is not helping the cause either, today. And with both USO and many banks back below their 20-day moving averages right now, bears have another opportunity to press.