NYSE:JPM reached New Highs recently with a huge number of buybacks driving the stock upward so fast and so high. The big bank has also been busy gobbling up regional banks for two years now. JPM's floor traders, trading aggressively in a few key industries, are doing well.
However, Revenues and Earnings were down last quarter over the prior quarter. And Volume is trending slightly lower over the quarter. An overextended run into earnings often sees profit-taking ahead of or on the day of the report.
Smaller funds are in speculative mode chasing the buybacks. Why did smaller funds rush to buy on earnings last quarter? Year over Year comparisons show revenues and earnings are up. Year over year often distorts current values.
What matters is the most current data, quarter over quarter, for the Buy Side Institutions.