Just so you know, JP Morgan was down 7% for the week.
You'll probably need to take into account that every single session this year traded above yesterdays close - that part's important
Don't mistake shorts closing (for pure profit) for strong buying to close the week.
Looked more like a set up for what's to come in the days and weeks ahead.
I saw Jim Cramer was recommending JPM last night too - just like he did SIVB a month ago....
There's already a few components of the S & P 500 that have come out as collateral damage (and in the uninsured sector of SIVB). I'm sure we'll hear more soon.
MMs were able to hold price for a few weeks after Lehman in 2008 but once the floodgates opened there was carnage so I'd tread carefully in the bank sector.
Certainly some cracks starting to appear in SCHW and number of regional banks in the US.
Contagion is as real now as 15yrs ago but unlike in 08 we weren't already heading into a global recession - as flagged in CBAs latest report - and CBs weren't pushing rates higher into a tightening cycle as inflation was getting out of control.
You can make your own mind up when to be greedy but patience also pays - especially when major discounts are coming...
(20min delay)