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Some retail investor panic today, as SCHW (Schwab) has lost about 50% market value since last week. Schwab owns TD Ameritrade (Think or Swim) brokerage and there is a hell of a lot of retail investor money parked there.

VIX up 17% and nearing 30s again.

My economic calendar has updated for today: "Closed-door emergency Fed Meeting" for 11:30am EST today.

https://www.bloomberg.com/news/articles/2023-03-11/summers-warns-consequences-severe-if-svb-deposits-not-released?srnd=premium&sref=9HT8lz40 The Federal Deposit Insurance Corp., which has been appointed as SVB’s receiver, only insures bank deposits of up to $250,000. But a large share of the...

12:23 [RUN] Fielding notable client queries/interest and investigating potential market speculation circulating - Hearing analyst suggests it has significant deposit exposure to SIVB -10%

WAL just dumped down -50%

Those other bank share prices are shitting the bed again.

11:41 [SIVB] FDIC: Moving to protect insured depositors of Silicon Valley Bank; Bank closed by California regulator; SVB is the first insured institution to fail this year - FDIC: - Move to protect insured depositors of SVB - Named federal deposit insurance FDIC as receiver - SVB had about...

JPM up 4.5% from my buy.

Yea, FRC 100% bottom to top recovery.

NYSE volume = 44% above monthly avg

JPM highs of day. Everything else still shitting the bed.

10:10 SIVB Internal memo tells staff that management is discussing 'next steps' for the bank and tells staff to work from home until further notice - press

JPM flips green on the day.

Long some JPM (long term acct). This is holding flat while market and regional banks are puking. Thesis that those shitty regional bank outflows need to go somewhere. More insulated bigger banks like JPM are prime to benefit this.

WAL, FRC, PACW, SBNY that i see

4 banks all in halt downs. Shwabb -10% 09:35 SIVB David Faber: Attempts to sell company are running into issues and market should prepare for next steps - CNBC - Source TradeTheNews.com

T1 News halts can be hours or even days. No resume time posted as of yet. https://www.nasdaqtrader.com/trader.aspx?id=tradehalts

SBNY sympathy dump.

Bookmap showing the largest shrs bid on SIVB is 138k shares at $1. lol

Strangely I see time & sales data moving on it as well. Not sure if its simply out of sequence ADFN orders, or market makers are matching bid / ask to resume.

Lehman also sought advisors for a sale... just for perspective.

Mixed bag. Unemployment up, hourly earnings slightly below expectations, but payrolls above estimates. Market pricing the 50bp hike now <50% chance (down from 62% prior to data).

SIVB halted news pending. Watch a buyout announcement absolutely crush shorts.

Down another 40% from the close.

Shocked SPY 100D and 200D convergence point wasnt contested whatsoever.

SPY trying to bleed into the 100D / 200D confluence point of ~393.25 If the nonfarm payrolls surprise too strong again tomorrow and SPY fails that, the bears are back in the driver's seat.

Been out most of the day, but man oh man. $SIVB the short of the year today. All easy to borrow too.

JPM pretty beat up today.

We're in the chop zone between the SPY 50D and 20D. Nothing really to do until it resolves either direction.

SI (Silvergate) implosion. 16:30 [SI] Announces intent to wind down operations and voluntarily liquidate Silvergate Bank In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the...

More importantly: - Guides Q1 -$0.12 to -$0.11 v -$0.10e, Rev $21.7-23.7M v $25.0Me - Guides initial FY23 -$0.36 to -$0.33 v -$0.44e, Rev $104-109M v $114Me Lower guides get crushed in this market.

More El-Erian shitting on JPow. https://www.bloomberg.com/opinion/articles/2023-03-07/federal-reserve-s-jerome-powell-unleashes-unsettling-market-volatility?utm_medium=email&utm_source=newsletter&utm_term=230307&utm_campaign=author_1771096&sref=9HT8lz40

Still an "up" number. It's like saying "oh, you only added $14.8k on the credit card this month? I was expecting you to spend $25k!" Savings down and credit up back to back to back months. Not a great snapshot of finances. Perhaps the homeowners are just in denial, as they are still sitting on...

Really dont want to derail into politics, but it is relevant. Both parties are fucking retarded, but I was frothing at the stupidity on display at the Powell testimony today when multiple Repubs took jabs at Powell and policy and completely and entirely blaming the Dems. I am sat here thinking...

Powell needs to be honored with the title of patron saint of patience. Fuck me, the stupidity of the questions in these hearings. 90% of it is just the senators grandstanding for sound bites of their own agendas and have fuck all to do with the Fed issues at hand. Then you have the ones that...

Opening Fed hearing notes: 10:00 *(US) FED CHAIR POWELL: WE WILL STAY THE COURSE UNTIL THE JOB IS DONE; ULTIMATE PEAK LIKELY TO BE HIGHER THAN EXPECTED; PREPARED TO INCREASE PACE OF RATE HIKES IF NEEDED; LATEST ECONOMIC DATA HAS BEEN STRONGER THAN EXPECTED - SEMI-ANNUAL TESTIMONY IN SENATE -...

Tesla started fairly spartan in their factories as well. You can't compare 12+ years of Elon at the helm worth of progress and expertise to a new startup carmaker. The hurdles in scaling up production are enormous. Hell, Elon has said as much repeatedly. The idea behind Rivian is to create a...

@Sanrith Descartes @Blazin Thursday was the turn. SPY premarket dipped below the 200D. Check the 5min chart, we opened below and by 10:20am had already reclaimed, and more importantly, back tested back down below the 200D on higher volume, put in a lower high and started running without really...