The bank stocks are totally not investable at this point, even if we don't see anymore big failure or they are getting the government bailout, we will probably see more regulations and the environment will be tough for them
Industrial stocks are getting hit pretty hard today (BA, DE, DOV, etc.). Tech is outperforming thanks to lower bond yields
First Republic Bank Is Said To Weigh Options Including A Sale - Bloomberg https://twitter.com/Benzinga/status/1636158570201862147
So, 40+ in PM? It popped around 5% AH after the announcement. This reminds me of 2009 when the banks crushed the market. Putting on my contrarion hat as I type. Weeeeeeee.
Some chatter about this. Maybe accurate...Maybe Not...with all the stuff going on in regard to First Republic. 20 billion is all they are asking for if any of you guys want to dig in your change jar. Geez....20 BILLION....that's probably not much considering how much has been tossed about the last week or so in these type of deals... Also, makes you wonder how some of these "leaks" come about to move stock prices and so on. A group of financial institutions are in talks to deposit roughly $20 billion in First Republic, sources told CNBC’s David Faber. The group includes Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup and others, the sources said. The deal is not done yet, the sources said. The plan does not call for any type of acquisition of First Republic. (CNBC)
Lots of volume the last week. eg as SPY was pulling back to the December low, a big spike in volume for a week. Still above the December low after all that has transpired.
A group of banks are in talks to deposit $30 billion in First Republic, sources say (cnbc.com) Looks like they are saying 30 billion now let's see if they can survive after getting this cash injection.
While most bank stocks are rallying today, PACW still manage to be down right now Some incredible strength for the semiconductor, AMD and NVDA has been strong lately. MSFT also doing well, tech are doing well in general and maybe the market giving them credits on the AI development as well.
First Republic Bank plans to raise cash by selling shares privately - NYT (yahoo.com) Well looks like FRC needs more money even after getting 30 billion
So...not sure if any others in here will agree with this. Could just possibly be me IDK. But, IMHO, I kinda feel like we need to see some kind of a scary market event that gets things moving convincingly in a certain direction, rather than this range bound action that we've now seen for nearly a full calendar year's length. That may sound a bit over dramatic for some I know. But, IDK, I just honestly feel like the market has been a little uninspiring here for a while now. And when I say "uninspiring" I'm mostly just referring to this lack of conviction and direction that we've seen in the majors over the past near 12 months. I'll have to be super honest here, I've been in the markets for nearly 2 decades long (whether as a pure observer or a trader, etc) and I'm truthfully trying to think of a time that had seen the major averages as directionless and range bound as they have been for the past year now. I know, Marcy ( @anotherdevilsadvocate ) had brought up some really nice data the other week, outlining the previous times we've seen this kind of directionless range bound market. I mean, after 14 years of mostly up markets, it does make some sense that things will have cooled off some. As with the law of averages, nothing goes up forever amirite? IDK, just thinking out loud here. I know the swing traders of the world out there are likely having a field day with this range bound though lol. I just feel like market participation/interest has died quite a bit over the past year now. Well, that could partly be attributed to the overall bear market that we've had I get that. But also, just this lack of trend or direction has got people kinda just uninterested.. I can just speak for myself at least, as I'm a regular member on the r/Wallstreetbets subreddit community. But, I have definitely noticed some down ticks in overall participation and contributions to that sub. I mean, it's very noticeable and not just a little. I'm not exactly sure what finally gets this market moving in a convincing direction, outside of your garden variety black swan. But, I will admit I am kinda secretly hoping we finally get this washout capitulation, as I just don't think any real sustained uptrend is to be totally trusted until we see this. When I speak of "washouts and capitulations" btw, I'm kinda just referring to those days that we saw around the COVID correction, where we might even see the market breakers trigger due to some panic selloffs, etc etc. Until then, a lot of what we're seeing is just back and forth chop and range bound action, which make no bones about it, doesn't suggest that one can't make money in this environment either. But just that for those looking for a trend, you won't find it in this market. At least not yet. Let's see if Hump Day's FOMC does anything to change this. Not sure, but we shall see. Hope y'all's been well! Been a minute.
