Don’t expect any examination of the jobs numbers and its effects in this post. Oddly, I am deliberately doing this one a few minutes BEFORE the big news, and I suspect I’ll do my first real post-jobs post either just before the opening bell or well after it. For chatter and reaction to the event please, as always, go to where all the cool kids hang out, which is the live discussion forum of SlopeTalk.
I simply wanted to take a moment to, with a jaw utterly slack, recognize the demolition of Silicon Valley Bank, which until 14 months ago was one of the greatest common stocks on the planet. This thing is in Lehman-ville at this point, due to a total collapse in confidence.
Here is the 4 hour bar chart extending back to its nearly $500 peak. It has dropped something like 93%. This isn’t a biotech startup, folks. This is a freakin’ BANK in one of the richest areas of planet Earth, stuffed to the gills (until recently) with those sweet, sweet, venture capital billions.
As of this post, SIVB’s wipeout isn’t getting much attention by stock futures, as we seem to be mimicking, in miniature, yesterday’s action. I shall close now and hold my breath for the jobs number, which is a data point that evidently determines the course of all humanity from this moment forward.