Here's a glimpse of what's been on my mind over the past week or so as the mega-banks filed into earnings season.
As evident in the chart below - the financial sector has been trending with strengthening correlation (inverse to note/correlating to yields) with the government bond market. Over the past three months they have been in lock-step as expressed in their (weekly) correlation coefficient of .92 (a coefficient of 1.0 signifies a direct relationship).
If you hold your nose with each subsequent round of monetary interference - you just may come to the realization that the measures taken both here (surprise, surprise- it will get done) and abroad are constructive (only on a relative basis) towards keeping the only game in town in business.
I believe the sector is moving towards a latitude where the prevailing trade-winds (rates) will start acting again as a tail-wind.