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Did JPMorgan Shares Just Turn a Corner?

Once considered a best in breed play, lately traders have shied away from JPMorgan due to headline risk. But that may be changing.

“I’d own JPMorgan right here,” says top trader Simon Baker, CEO at Baker Avenue Asset Management, on CNBC's Fast Money Halftime Report.

He thinks the worst is over in part due to reports that CEO Jamie Dimon sold most of the controversial losing position, put on by a trader named the London Whale.

Earlier in the spring CEO Jamie Dimon said the bank was facing an unexpected loss estimated between $2 and $5 billion due to trades made in London.

Many pros have shied away fromJPMorgan, due to concerns about headline risk related to that controversy.

Will these latest developments help shares turn a corner?

Baker suggests that they will. He thinks any resolution will again put something far more important back in focus. “JPMorgan makes massive amounts of money,” says Baker. “That’s what you really need to know.”

Trader Stephen Weiss, managing partner at Short Hills Capital, also likes JPMorgan and sees other upside catalysts. “I’m looking for them to buy back stock and increase the dividend,” he says.

Both traders are bullish but Weiss diverges from Baker in his timing – although Baker is a buyer at current levels, Weiss isn’t quite ready to pull the trigger. “Not right now.” But it’s on his radar.

Read More from Fast Money:

> Simple Strategies Behind Supersized Successes

> 10 Top Stocks for the Long-Term Investor

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Posted by CNBC's Lee Brodie

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Trader disclosure: On June 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Stephen Weiss is long ANF; Jon Najarian is long call spreads in ARNA; Jon Najarian is long call spreads in BCS; Jon Najarian is long call spreads in CRZO; Jon Najarian is long call spreads in DB; Jon Najarian is long call spreads in BMRN; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in MMR; Jon Najarian is long call spreads in MS; Jon Najarian is long call spreads in MSFT; Jon Najarian is long CIGX; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long DDMG; Jon Najarian is short EUO; Simon Baker is long JPM; Simon Baker is short PG

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