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Afternoon Note

Fast and Furious

By Charles Payne, CEO & Principal Analyst
3/10/2023 1:13 PM

SVB headlines are coming in fast and furiously, and the market is bouncing around the same way - even peaking into the plus column for a moment.

Management couldn't find a buyer, so the state has moved in, and the FDIC stepped up to protect depositors.

It’s so amazing that the company used this slide (below) to brag about why it was better than its rivals. But it actually underscored how just one area of weakness = too much bond exposure, cost them $21.0 billion.

The rally effort was valiant and underscores there are buyers. But at the same time, it fizzled fast, and that shows there is a lot of anxiety out there.

We are not going to panic.  I’m actually looking to get more aggressive.  I see that CPI report coming in below consensus, but that whole consensus game is a joke.

Have a great weekend.


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