JPMorgan Chase CEO Jamie Dimon confirmed to CNBC’s Dennis Kneale that his bank, like Citigroup , was profitable during January and February. That sent JPM’s stock into the $20s for the first time in over a week. While the move is one indicator that Cramer thought might help to sustain Tuesday’s rally, he still urged investors to remain cautious.
Cramer’s main concern was that problems could still lurk in JPMorgan regardless of that profitability. He was hoping for a change in mark-to-market accounting rules, which would take pressure off banks and give them room to recover. If that happens, Cramer said, “then I think what you’ll see is true profitability come through.”