You are absolutely right in your reaction, but....let's make a list of possible explanations first.

We know that Alf Field predicts a ride to $3,500 ending by probably early 2012. Maybe for JPM the only way out of their positions is to go long. They pump until $2500 and then warn everybody to go out immediately. Between $2500 en $3500 they will suck up all physical they can and when all us suckers get in near $3500 they will let the correction run its course. Just brainstorming, because I have no info on JPM positions within its pyramid of derivative products.