5 Financials to Watch on the Credit Suisse Mess

Shares

We have mostly red arrows around the world to start the week as we absorb news of CS being taken under at 77 cents.

FRC is down 20% as the powers that be try to figure it out.

Banks closed near last week's lows while money hid in megacap tech.

We have Powell Wednesday and Xi visiting Russia.

SPX futures were all over the map from +22 last night to -40 at 4:30 am to flattish around 7:00 am. We’ll see if 3900ish holds to stay intact ahead of Powell this week.

As of now, the market thinks we get a 25b pps raise at most, and then a full-point cut before year-end. This is a headscratcher. See if tech holds up, and if banks go red to green.

Now let's look at some of the major financial names in the news:

BAC is still one of the weakest big banks here as it's below 2022 lows. Friday's low is $27.62. See how it reacts around that today.

FRC is under pressure and there is lots of talk about potential deals. The low from last week is $17.53. It's down 21% this morning. See how it reacts today.

SCHW gave a nice options opportunity at $48ish. I bought calls for $3, sold half at $8ish, and created a spread on the rest. See if $53.76 holds this week.

COIN did a Red Dog Reversal long last Monday around the $51.57 pivot. It cleared $66 Thursday to kiss the 200 day Friday. It's up this morning as BTC looks headed to $29k. I’d trim and trail.

Bitcoin reclaimed $20.4K and cleared $22.5K to see $26K+. I discussed the bull flag setup. Some are long vs. $23.8K for a move to $29Kish. It’s at $28K to manage.

Scott Redler Positions Disclosure as of 2023-03-20 at 7.30.41 AM

 

Leave a Comment: