The Globe and Mail reports in its Saturday edition that despite simmering concerns about the creaking Canadian housing market, weaker economic activity and an uncertain outlook for global trade, the Big Six banks have sailed through the turbulence. The Globe's David Berman writes that the big banks reported a combined $16.7-billion in net earnings for the three months ended July 31, up nearly 20 per cent from the same period last year, TD Bank's $3-billion (U.S.) fine notwithstanding. The sector's adjusted earnings on a per share basis beat analysts' estimates by an average of 8.6 per cent, as capital markets activity remained healthy and lenders had fewer-than-expected bad loans to absorb. So why not celebrate the Big Six and hit the buy button? The current rally is unlikely to persist, given that bank stocks are looking pricey. Valuations are at the top end of their historical range after the stocks traded at bargain levels for much of the past five years. RBC now trades at 13.8-times estimated earnings for next year, near the top end of a 10-year range from a low of 10 to a high of 14. As share prices rise, dividend yields fall. RBC's yield has fallen to just 3.1 per cent, down from about 4 per cent in April.