The trading volume for this month is down more than 20%, hitting the low of the month today.
The majority of the bank profit are from trading. They scored about $10 bln in derivative trading revenue this quarter, that can barely offset the decrease of equity trading. Adding to that, the FASB trick can not be used again, which means the bottom line of the banks are going to be ugly this quarter.
Whatever said above it not important because this BS market has been taken over the tech-quants long time ago. However, financial are up on less and less volume is a clear indicator of near term drop. I don't want to use the term 'crash' even though I hope it happens. In any case, the pull-back has been set-up.