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For reasons behind human comprehension, banks exploded in value this morning following the CPI, only to have their teeth kicked in. As I’m typing this, the small caps are at their lows of the day, and things are looking VERY good for the bears.
One fine example, whose position I just augmented, is Fifth Third Bancorp (winner of the World’s Dumbest Corporate Name of the 21st century, with Ruth’s Chris Steak House close behind). The price gap makes me weep tears of joy:
One of my 14 bearish positions is Huntington Bancshares (HBAN) which is sporting a very clean price gap at 11.15. Keep in mind, it’s a Banc, not a Bank.
The Treasury Department will tell you that banks have never been healthier. Utter crap. Banks are, by honest accounting methods, largely bankrupt and should have shuttered many years ago. They’re being kept afloat by a dishonest government. Here’s what reported, and this is what they CHOOSE to tell you.
This was already a good day, but it got even better when I took a look at the bank ETF symbol KBE. The failure of that horizontal is EXACTLY what I was hoping would happen. HUZZAH!!!
I live in the Silicon Valley, which is the center of the universe for venture capital. This VCs dumped ungodly amounts of cash into ridiculous startups during the Covid craze. Mercifully, a bit of sanity has returned, as almost none of these investments panned out (with WeWork being just one of hundreds of examples). The amount of VC cash has crashed by two-thirds lately.
