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[Chart courtesy of MarketWatch.com] Moving the markets After an early dump, the major indexes shifted in reversal mode not because the banking crisis had passed but merely because a temporary fix had been found. A consortium of 11 of the largest US Banks combined forces and agreed to a historic $30 billion unsecured deposit injection in First Republic Bank (FRC). …

[Chart courtesy of MarketWatch.com] Moving the markets As I posted before, once you find a cockroach in your house, you can be assured it’s not the only one. That is akin to a banking system that got addicted to low bond yields and is now trying to deal with and operate in an environment of higher rates, which means that …

[Chart courtesy of MarketWatch.com] Moving the markets Traders were relieved that risk of contagion to other banks appears to have been contained, at least for the time being. I think there is more to come, since additional cockroaches are likely to be hidden and will eventually surface. The major indexes rallied, dumped, and rebounded to score a green close with …

[Chart courtesy of MarketWatch.com] Moving the markets Apparently, Fed head Powell, Treasury Secretary Yellen and the head of the FDIC must have been in panic mode, as they combined forces by announcing (on Sunday) a plan that would backstop ALL depositors in the failed Silicon Valley Bank, while concurrently making additional funding available for other banks. Regional banks are not …