Today, Anand discusses the upcoming earnings report for JPMorgan Chase (NYSE: JPM). Along with Wells Fargo, it opens up bank earnings season on Friday before market.

Analysts expect a pretty big fall for JPMorgan versus last year's second quarter -- $0.78 a share vs. $1.27. This is due to the $2 billion -- and counting -- trading loss that has knocked both Morgan and Jamie Dimon off their perches above the fray of Citigroup and Bank of America. 

In the following video, Anand gives some perspective and talks about what he'll be watching for in the earnings release.

For contrarians, the financial sector's downfall could be a ripe area to pick winners. And no fallen angel is bigger than Bank of America. To get Anand's thoughts, click here for Bank of America’s premium investment report.