Fixed-income expert Peter Tchir says investors could be disappointed by financials in the second half.

"They're going to get warnings on what's going on in the fixed income, rates, and currency trading desk, and that's - really, when you look at what moves the needle for these banks, that's what moves the needle," he said during TheStreet's latest Trading Strategies roundtable for investors.

Investors should focus more on banks' transaction-based businesses than on the yield curve, he said, noting that there has been little long-term correlation between the yield curve and actual earnings.

"Their lending is not changing, they've made these loans," he said.

Watch more clips from July's Trading Strategies: How to Play a Risky Second Half:

This article was written by a staff member of TheStreet.