We've noted that Goldman Sachs (NYSE: GS) and JPMorgan (NYSE: JPM) enjoyed perfect records for trading in the first quarter, in that they went the entire quarter without a full day of trading losses. Turns out that Bank of America (NYSE: BAC) and Citigroup (NYSE: C) also pitched perfect games for the quarter.

The question is whether banks can sustain this? Have they perfected the art of market making? It's not likely. Going forward, competition and narrowing spreads and perhaps declining volume will eat into profits. It's doubtful that the massive bond rally we saw earlier this year can be sustained.

From a growth perspective, the comparisons year over year will start to get very tricky. This issue may also play into the current debate about regulation. The bank will be keen to note that it achieved these gains without making huge bets, that they provide an intermediation service that requires them to often take both sides of trades. 

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