🏦Crisis Escalates‼️⏰ To Sell Regional🏦🏦 Before They Become FRC🔥🔥🔥
🇺🇸 regional banks extended losses from 1/5 (Mon) after the seizure & auction of First Republic Bank (FRC). There's more and more talk about problems with commercial real estate, an area associated with regional banks.
🚨 Bearish hedge-fund traders were present in a bout of selling that later prompted long-only investors to sell too, according to a note from John Flood, a partner at Goldman Sachs Group Inc.
🚨 “Wall Street is quickly hitting the sell button as banking turmoil appears it is not going away anytime soon,” said Ed Moya, senior market analyst at Oanda. “Risk appetite did not stand a chance as traders focused on lingering doubts over the regional banks, rising recession odds, and growing risks that the US could default on its debt next month.”
On 3/5 (Wed) PacWest (PACW) reassured investors that deposits were rising but a report that out was exploring strategic options including a potential sale or capital raising, after a liquidity boost announced in March failed to inspire confidence in its ailing share price🐻🐻🐻
$Western Alliance(WAL)$However, contrary to the 2 banks’ intentions to calm the markets, a sell-off was sparked📉📉📉 PACW shares fell 52% on 3/5 & WAL was down 23% clearly demonstrating that investors remain unconvinced about the health of regional banks despite regulators' efforts to call an end to the banking crisis that started with the collapse of Silicon Valley Bank & Signature Bank in March & FRC in May.
PACW plunged another 37.38% in 4/5 (Thu) premarket after issuing a statement aimed at reassuring markets🔥🔥🔥 Other regional lenders were also down. WAL fell 17.82% in the premarket & Comerica (CMA) slipped 7.3%. Big🏦🏦🏦 $Bank of America(BAC)$ Bearish$JPMorgan Chase(JPM)$ Bearish$Citigroup(C)$ Bearish$UBS Group AG(UBS)$ Bearish were not spared from declining either & I expect further price 🌀🌀 in 🏦Stocks for the rest of the week.
Fellow 🐯🐯🐯 Whatever Yellen was previously saying & Powell’s statement on 3/5 that the 🇺🇸 banking system is sound & resilient obviously cannot convince investors & I believe that it’s ⏰ To Sell Regional🏦🏦🏦 Before They Become the next FRC😅
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