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https://www.bloomberg.com/news/articles/2023-03-14/too-big-to-fail-lenders-rake-in-deposits-after-three-banks-fail?srnd=premium&sref=9HT8lz40 After the back-to-back collapse of three smaller banks, their biggest US counterparts are seeing a rush of depositors fearful the crisis will spread...

Hot off the Fed press: https://www.federalreserve.gov/monetarypolicy/files/bank-term-funding-program-faqs.pdf Key takeaway (to me): III. Collateral 10) What is eligible collateral? Eligible collateral includes any collateral that (i) is eligible for purchase by the Federal Reserve Banks in...

Last week you could have got over 5% (annualized) on a 6 month Treasury.

My first CD with my bank in the early 2000s, I remember was $20k for 5yrs at just over 6%.

WAL and FRC are just getting smoked. The risk for investors is the simple fact the FDIC (as well as Biden's comments this morning) basically saying depositors may be protected, but any investors will not be whatsoever. We are simply seeing flight out of those banks from investors who don't want...

$WAL -80% (another one bites the dust)

SCHW halt down again.

Charles Schwab just halted down (-18% so far). That is NOT some mom and pop regional bank.

I think you may be right.

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.