US stock futures point to a lower open Friday after JP Morgan’s (NYSE:JPM) “London Whale” trader took a $2 billion trading loss on a massive position in credit default swaps. JPM is down more than 7% this morning. In a surprise conference call after the close yesterday, JPM CEO Jamie Dimon revealed the huge loss, also adding that it could deepen this quarter and beyond. He called the losses “egregious mistakes” and the single trader’s massive exposure a “tempest in a teapot”. Other bank stocks sold off on the news as well, but Dimon insists that while JPM might have been dumb, that “doesn’t mean everyone else was”.

The immediate focus is on JPM this morning, but investors also remain wary of Europe’s ongoing turmoil. Greece looks destined to eventually leave the Euro pact as a new wave of extreme political figures enter the fray. The austerity vs. stimulus debate has been rekindled by the will of the voting public in Greece and well as France, where a socialist President was elected for only the second time.

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Evan Lazarus has been in the equity trading business for 12 years. 9 years ago, he took a managing director position at Sperling Enterprises, LLC. At Sperling Enterprises, Mr. Lazarus, along with Scott Redler, managed the firm’s traders and developed its highly successful training program. His core competency lies in understanding the difficult psychological aspect of trading, and his ability to mentor other traders. Mr. Lazarus became a partner in Sperling Enterprises in 2006 and in 2007, he helped facilitate the merger between Nexis Capital and Sperling Enterprises creating the entities known today as T3 Live, LLC and T3 Trading Group, LLC, a Registered SEC Broker-dealer and Member of the CBOE Stock Exchange (“CBSX”). T3 Live, LLC is well known Trading education firm and T3 Trading Group, LLC is a Proprietary Trading firm.

Mr. Lazurus is the Chief Knowledge Officer of T3 Live, LLC and is a currently a registered T3 Trading Group, LLC Associated Person and T3 Live Contributor.

*DISCLOSURES: Evan Lazarus is short (NASDAQ:AMZN), (NYSE:WLF)

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