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"I think at the end of the day, the outcome seems to be not as bad as it might have been," he said. "The trading numbers look pretty good."
JPMorgan posted a third-quarter loss of $380 million, or 17 cents per share, compared with net income of $5.71 billion, or $1.40 per share, a year earlier.
(Read more: JPMorgan earnings marred by massive legal bill)
Excluding legal costs arising from legal and regulatory issues, JPMorgan handily beat earnings estimates.
On CNBC's "Fast Money," Cannon said that the stock was still attractive.
"If you can get past the headlines, this is still an extremely strong franchise, both in the U.S. and globally," he said, calling the mortgage settlements "an opportunity, not as more of a distraction from a long-term value."
(Watch video: Markets expect a DC deal: BlackRock's Keenan)
Cannon said that JPMorgan's earnings report provided a "very good read-through to a positive earnings surprise from Goldman. So certainly as a short-term trade, we like Goldman Sachs."
He had a $160 price target for Goldman Sachs and a market perform rating.
"he reason that we're at where we're at with our price target on Goldman is pretty simple," he said. "We look at forward book value ... because at the end of the day, how much Goldman can actually earn over time is anybody's guess, right? However, we do know it's a smart, good company, and at book value it's probably a good investment."
Cannon also said that he wasn't surprised that Wells Fargo, the largest housing lender in the United States, reported a 13 percent rise in its third-quarter earnings and a sharp drop in its mortgage business.
"In terms of mortgage banking, we've got a tough situation because what's happened is just as interest rates started to move up, we brought tremendous capacity into the mortgage banking business," he said. "Every bank across America wanted to get into it because it was so profitable.
"Now what's happening is volumes are falling. Every bank is fighting over the remaining loans, and the margins are collapsing. So, we're seeing these kind of big numbers, linked-quarter mortgage banking revenue down 50, 60, 70 percent. That's going to persist for a while."
Cannon said that his top pick was Citigroup, with a price target of $58 per share and an "outperform" rating.
The reason, he said, was simple: "If you look over the long term, the restructuring story at Citi is going to be extremely powerful, and the valuation still somewhat below tangible book value can't be beat."