The squeeze on JPMorgan is in play.
The CDX IG 9 short that JPMorgan's London whale, Bruno Iksil, has to unwind is climbing in price.
NYT reports that as of Monday, 10-year protection sold on a certain amount of the index through 2017 cost about $147,000, up from roughly $119,000 two weeks ago, according to the data provider Markit, an increase of 24%.
Ouch! That's how you beach a whale.