Yup, you got it. If WAMU doesn't let up JPM has no place to hide. The only thing that JPM has on it's side is if this gets dragged out or WAMU lets up any.
"Weak, Dow's only down ~2.5%. I was hoping for live, serious destruction. This is like Godzilla coming on shore, taking a sh** in the municipal pool, & heading back out to sea." -Gigantopithecus