As expected the earnings were pretty solid, good enough to provide the anticipated (see previous blog) minor 4th wave bounce. However, soon the downtrend should continue more or less as shown with an even bigger bounce as wave 2 (of 3 of C). Why? Who knows maybe a few trillion yuan and another 50 beeps off bank reserves in China, more talk about QE3 or Greeks loving austerity, in any event nothing whatsoever having to do with BNS.