Are you among the skeptics who finds little reason to feel bullish ahead of earnings season? Trader Joe Terranova thinks you just might be surprised.

He’s focused on JPMorgan earnings which are scheduled to be released on Friday morning.

Terranova believes that if JPMorgan says the right things - it could ignite a rally. Here's why:

If the loss from the London whale comes in around Jamie Dimon’s estimates (and not those of the NY Times which were much higher), he thinks the Street will take results to mean Dimon is in full control of the situation.

And if Dimon is in full control at JPM, he thinks the Street will start to look at profit potential of banks broadly, believing the sector was oversold and that the worst is priced in.