18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,599 Blog Posts

Stocks Ignore Banking Collapse

The regional banking index was down 16% earlier this morning and is now off by “just 11%.” At the open of trade, I blew out of my UVIX and SQQQ positions, alongside my longs, for a net daily PNL of +1.81%

If you were to tell me the banking system would collapse at the same time tech stocks ran higher — I’d say you’re fucking crazy. But that’s exactly what we’re seeing today.

The good news — yields are crashing lower.

WE ARE SUPPOSED TO BE CRASHING LOWER NOW — but we aren’t. And it’s not just regionals getting hit.

SCHW -12%
USB -9%
C -5%
AIG -4.5%
CS -5.3%

It’s also worth noting we are seeing a tremendous run in gold, silver and cryptos. It has always been my belief that BTC-ETH-GLD-SLV would do very well under a bank panic or dollar panic scenario and that is exactly what we are seeing today — with BTC and ETH +5-8% and gold +2.2% and silver +6%.

To be continued.

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