The systemic portion of the bank crisis is over — but the banks are still un-investable. THEY are not interested in equity or COCO bond holders — just the system itself. They will ensure the plumbing is clean and things are working — but will not think twice about zeroing out FRC in the process. Because of this, bank stocks should only be traded quickly and probably not at all. Other sectors are subject to economic conditions — which may in fact prove to be even worse than the recent banking scare.
I am 100% long again after my weekly quant allocation, +126bps for the session. In case you’re wondering, yes that is a new recourd high for me. Whilst your gains might be impressive — mine are better.
Enjoy yourselves and find solace in the fact your government is looking out for the plumbing of the banks to make sure your deposits are safe.
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Joe Biden: The greatest USA President since Bill Clinton.
Thanks for the GREAT ECONOMY, Joe!
We have the week off. Next bank crisis dose Friday after closing. Depositors are supremely hair-triggered, doesn’t matter what bank, no bank is to be trusted. They can’t even discuss them by name at this time.