03/13/2023 Live Update

[Cobra]

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Long lower shadow, biggest red, so maybe a rebound here first then we'll see.

[BullBear52x]

Stockcharts.com is down as expected for a day like today.

[Al_Dente]

" The government will not bail out banks" [Yellen, Thursday or Friday]
[WSJ]: "Wall Street and Silicon Valley were in full panic over the weekend demanding that the Treasury and Fed intervene to save the day.... In a world of near-zero interest rates, SIVB had put the money in long duration fixed-income assets in search of a higher return..."
"The Treasury and Federal Reserve stepped in late Sunday to contain the financial damage from Friday’s closure of SIVB, guaranteeing even uninsured deposits [at SIVB as well as at SI] and offering loans to other banks so they don’t have to take losses on their fixed-income assets.... This is a de facto bailout of the banking system... [the Second Rescue of the Banking System in 15 Years]...

Treasury officials said: "Depositors of the shuttered bank (SIVB) will have access to all their funds today [Monday]... The money to fully reimburse depositors of ... SIVB and ... SI will be furnished by other banks, not taxpayers. [CNBC]

Contagion?
In this morning's pre market (changes quickly, depends on what time you look):
FRC First Republic Bank San Francisco California was down -66%
PACW PacWest Bancorp's stock tumbled -43%
WAL Western Alliance Bancorp's shares slid -74%
SCHW Charles Schwab's shares lost -11%
BAC Bank of America's stock fell -4.4%
CFG Citizens Financial Group's stock declined -14%
WFC Wells Fargo's stock slid -4%

BIDEN this morning: "Americans can have confidence that the banking system is safe," and that US bank regulators and Treasury Secretary Janet Yellen took "immediate" action to stop contagion among small and medium-sized banks following the Friday collapse of Silicon Valley Bank.
Biden made clear that investors [shareholders] in the failed banks will not be protected.

[merryme]

Regulators shutting down stockcharts?

[Cobra]

Members only update at 10:10 am
http://www.cobrasmarketview.com/2023/03 ... ay-update/

[BullBear52x]

How the bank runs on other banks will be the tell today, if populations with >250K are okay and feel safe enough not to do anything on their cash.

I want to update banks and financial charts in stockcharts.com so bad but can't.

[Al_Dente]

VIX is up 15%
High on day is 30.81

[BullBear52x]

Most active SPX.

[Al_Dente]

KRE regionals
followed by some of the regionals hit the hardest... so, they didn't get the FED memo yet?
DAILY

[Cobra]

No sharp pullback in the next couple of bars then it'd be an uptrend day.

[Al_Dente]

stockcharts: "some important symbols like $SPX, SPY, $VIX," are not updating properly intraday
[DUH!!!]

[Al_Dente]

*FIRST REPUBLIC BANK HALTED FOR VOLATILITY, DOWN 65%
*PACWEST HALTED FOR VOLATILITY; DROPPED 41% TO LOWEST ON RECORD
*REGIONS HALTED FOR VOLATILITY AFTER PARING 31% DROP TO 20%
*WESTERN ALLIANCE SINKS A RECORD 76%; HALTED FOR VOLATILITY

see zh

[Al_Dente]

VIX is up 15%
High on day is 30.81

stockcharts says the VIX is not updating properly.......... so... caution
At the moment TradingView says VIX is up 3.6%

[BullBear52x]

Risk Free market or is it?

intraday is in no a man's land, between 38.2-61.8%, (3916-3937) 20 handles range. I am trading June (M23) now.

[Cobra]

Members only update at 12:00 pm
http://www.cobrasmarketview.com/2023/03 ... ay-update/

[Al_Dente]

banks banks banks
KRE is the regionals, as you know
You certainly cannot say that this crisis is only affecting the regionals
DAILY with 20sma (purple) and 200sma (faint gray)
The lower two panels are the TBTF's and credit cards

[BullBear52x]

Now it is official, FDIC insurance on deposit is unlimited? if so, banking is the business to be in. uncle Sam will take care of the risks and we take the rewards.

[BullBear52x]

Banking news today, another one belly up.
https://www.reuters.com/business/financ ... 023-03-12/

[brokebybernacke2]

keep vix calm today and cool CPI tomorrow and it is space x time

[Cobra]

Double bottom (red arrows) but I don't know how far the current rebound can go, sharp pullback anytime before a decisive new high would be bad for bulls, wait and see.