Banks' weak response to earnings despite low expectations warrants caution into the rest of Q3 reporting. JPMorgan, Wells Fargo, Citigroup and Goldman Sachs all fell after mixed results, while the bank ETF also declined. x.com 

Goldman Sachs's meager roughly 4.8% implied earnings move and past positive reactions make a relief bounce plausible after a 25% slide. Long seen as a top-tier bank, it is among its peers' worst performers this year; shares rose after 8 of its last 11 earnings reports, including a 9% jump last time that doubled the implied move. Earnings are Tuesday before the open. x.com 

Bank of America's earnings miss extends beyond its one-time fine, so the selloff may not yet be fully priced. Investment-banking fees fell 11%; wait for fee income to stabilize before treating the drop as merely a fine scare. x.com 

Bank stocks look buyable if systematic selling is reacting to a flatter yield curve: the front end that drives earnings has barely moved. JPMorgan and Citi card spending rose 10% and 13%, and Citi and Wells Fargo reported lower credit losses. Wells expects steady margins and improving interest income as loans grow and old fixed-rate assets roll into higher yields. Funds crowded into banks before results, limiting near-term buyers. x.com 

Goldman Sachs' compressed valuation and tempered expectations improve its risk/reward. After a 20%-plus sell-off, its forward P/E is in the low-to-mid 12s, and management has cooled expectations for FICC and expenses. A positive earnings reaction Tuesday has room if equities deliver, the backlog stays healthy, or expenses are better than feared. x.com 

Bank of America's estimated $92 billion in unrealized securities-portfolio losses and disappointing results support a bearish view despite bullish television coverage. The $92 billion figure is Kass's estimate, which business TV rarely discusses. x.com 

Bank of America's Q1 shows a bank making money from market chaos, undercutting the recession pricing on large-cap financials. Revenue of $30.27 billion beat estimates by $1.64 billion, net interest income of $15.75 billion topped the $15.37 billion estimate, and equities trading of $2.83 billion beat $2.51 billion as the bank captured volatility. FICC trading missed at $3.50 billion versus $3.78 billion, the one soft spot. x.com  x.com 

Goldman's sharply higher equities-trading revenue and longer-run stock gains make the current drawdown tolerable. The division's net revenue rose 72% to $6.44 billion and drove 77% of Goldman's year-over-year net revenue increase. Despite ugly recent price action, the stock is up 18% over one year and 203% over three years. x.com 

Post-midterm fiscal tightening and student-loan garnishments will crush US banks and home values. Bessent says massive deficit cuts are coming, while 10 million borrowers in default face wage, benefit and potentially asset garnishment after the midterms; these measures will destroy the economy and banks. x.com  x.com 

JPMorgan is buyable on pullbacks to its daily 9-period moving average ahead of an earnings run-up in early July, with financials such as Goldman Sachs, Citigroup, Interactive Brokers and Bank of America doing great. x.com