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Show Notes
Summary of the day
What a circus the Financial markets are. We all hold our breath to extrapolate the musings of one organization and one man. People are making careers off reading Jerome Powell’s tea leaves. It’s just one big magic trick to distract while they attack, like Naruto’s most powerful ninja spell, the “SEXY JUTSU!”
2pm ET headlines read, “S&P 500 retreats as Fed says it’s not quite ready to cut rates”
Most notably he said he would cut rates early if he sees our asses getting fired. Backward world huh? Now the C suite will have to weigh:
Rollover short term debt at 7% rate
Or fire people and get the lower rate
We finished at the lows.
And this morning the real big news not getting it’s deserved coverage was $NYCB. Two big CRE loans imploding on them. No one had the courage to ask Powell about it.
“BREAKING: New York Community Bank stock, $NYCB, the bank that acquired the collapsed Signature Bank, falls 40% after earnings.
The bank announced that they will be cutting their dividend by 70% to meet regulatory requirements.
They also reported a 4th quarter LOSS of $260 million while expectations were for a GAIN of that size.
This comes just a few weeks before the Fed's emergency loan program is set to expire.
Some small banks are still feeling the pain.”
https://twitter.com/KobeissiLetter/status/1752705616873955376?t=jK7ODenI1SsfvEOqQLVVEw
Breadth
486 new highs
180 new lows
23% advancing 73% declining
38% below 50 day ma
36% below the 200 day ma
Stuck out
Something I wanted to share with my subscribers. If you want to go long Semiconductors, just go long $NVDA. It has performed just as well as the 3X long SOXL, with less risk on the downdrafts.
Strong
Qualcomm beats. Up 3.3% ah. However sold off a bit as the call started. Now down 2%.
Weak
What to watch
Watch mag 7
Watch yields
Economic data
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