The global capital market, especially high yield bond and investment grade bond. By disclosing the big lose on May 11th, JPM effectively made the risk averse of the market.
It would be marked in the history about how major WSJ banks fighting with hedge funds. It is also marked with global political movement.
JPM may not be the loser giving its' strategy by giving the bearish sentiment to the market.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.