The stock market fell last week after the collapse of Silicon Valley Bank, and it's been on a roller coaster this week as news about the banking system goes from good to bad and then back to good in the space of a few hours. And yet, here's what all the panic looked like by the time the week was over:
All told, the market was up 1.4% for the week. Some panic.
But don't let this fool you. We're still headed for a recession, and the banking crisis only makes this likely to happen sooner rather than later.
Kevin, I'm assuming you don't have any money worries? I hope not.
Happy St. Patrick's Day!
https://www.losingmyreligions.net/
Bank tracking funds compared to NASDAQ composite: https://bityl.co/HiRl
It has been a rough few days/weeks for regional banks. But:
Banking ETF long-term chart:
https://twitter.com/alphacharts365/status/1637063299014574083
Sitting at a logical point in retest of decades-long break-out from 2021.
What happens next … TBD.
The S & P is still lower than it was on March 8th. This week was just a start on recovering from the SVB drop.