Frankly, these estimates are not worth the paper they are written on. So much has taken place for JPMorgan and the industry that forecasting results for the quarter are virtually impossible. You might as well go to a psychic to get an estimate for the money center and investment banks.

Here is what we need to be focused on for the quarter:

• There is no telling how much the impact could be from the write-offs and impairments in the credit-trading books.
• Credit card and loan losses and provisions should be on the rise.
• What will the impact be from the acquisitions of Bear Stearns and the Washington Mutual retail network?
• And what will the impact be from capital-raising activities, including those announced by the U.S. Treasury today?