The earnings results for the banks and the reaction sum up the market climate for the banks. Citigroup (C) beat Q2 estimates handily reporting $1.24 versus expectations of $1.10. The market though only focused on the reduced results from the prior year that has sent the stock down from highs around $60.Citigroup trades at only 8.5x forward EPS estimates despite the extremely low interest rate environment. Based on the below chart, the lows appear set at $40. Investors now get to buy alongside the $8.6 billion stock buyback plan and enjoy the enhanced dividend. $C, Citigroup, Inc. / 1440 Disclosure: Long C