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So I guess everything’s fine again. Here we can see the regional banks rocking higher, thanks to the endless largesse of the federal government. Trust me, if your local bookstore is going out of business, they’re just going to go out of business. Banks are in a special class of their own.
In the unlikely event you don’t believe this market is godawful stuck look no further than the volatility and IV rank information for the SPY. This whole “debt ceiling” thing is going to come and go like it never happened.
SPX has been trading in a range and moving back and forth through the daily middle band, with strong established support in the 4100 area, but unable to convert it to convincing support or resistance.
SPX daily BBs chart:
Here are two unrelated items in this ridiculous market of ours, just to while the time away. The first is Akamai, which may be presenting an enticing shorting opportunity by virtue of its powerful rally in recent weeks coupled with its gap closure.
It was fascinating and interesting to listen to the Senate hearings yesterday of the failed bank CEOs from the likes of Silicon Valley Bank and Signature Bank of New York. I’m still making my way through it, because it goes on for yours, but it’s quite captivating once you get past the fact that these Senators cannot help but talk about themselves in the course of their grandstanding.
One thing that struck me is that it provided a rare opportunity to see what kind of self-delusional, slimy horse-crap goes on in corporate America while the companies are simultaneously projecting how sugar-sweet everything is. It’s a lie, a farce, and a deception, and the difference is that these rodeo clowns happened to have gotten caught.
I’m sure it’s like that, from Apple on down, and thus I’d like to indulge in a quick little fantasy based on the magnificently well-formed head & shoulders pattern on the Russell 2000 stock index futures. I know that in this fake, government-controlled “market” we’ve had since 2008 it’s hard to imagine something actually going down, but here is my fondest hope and speculation:
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