JPMorgan (JPM) jumped the gun. It just put out its dividend boost and buyback right in the face of the Fed, not waiting for the news to come out after the close.
To me, it is a new beginning, the beginning of a leadership group that is led by companies that will have a much larger share -- JPMorgan, followed by fellow dividend boosters Wells Fargo (WFC) and U.S. Bancorp (USB) -- and much better gross margins.
I think today was a watershed day. The bonds finally look like they are giving up the ghost, as the Fed is saying, "OK, we see the embers kicking in, we see the fire about to get stronger, and we are going to let the best banks go out and do some lending."
Banks led off the 2009 bottom. But then they got hit with the massive capital raises that required them to have tremendous dilution. That meant that they became toxic and ceased to have any reason to be owned.
That changed today. You have a better economy, you have the end of dilution, and you have a declaration of independence from the Fed.
I think it is a lasting move for a group that is radically underweighted by most institutions. As our good friend Tim Collins demonstrated in his work for the "Off the Charts" segment of Mad Money, it's still not too late to buy JPMorgan.
Or most of the others that passed, for that matter.