Market Update - Friday 24 March 2023.
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Backwash
The market is now working out its real reaction to recent events. Bank crises, the Fed softening, and the thorny question of whether US bank deposits are insured to the $250k limit per account (as the Treasury stated Wednesday) or beyond (as the Treasury stated Thursday). Markets love stability and love rules - if only so that those rules can be legally exploited, circumvented, bent and so on - and right now there is a distinct lack of clarity from the Fed (Powell apparently stumped and/or silent on the question of did the Fed know about $SIVB in advance) and the Treasury (the insurance point above). Not good.
Now for our purposes, all that stuff shows up in the stock charts and so we can now turn to our usual run-through.