3/7 Daily Market Note: Banking Crisis Averted?
NQ 18150-170 --> 18215-18230
Folks,
NYCB Bank is seeing an attempted rescue this morning by Steve Mnuchin and his firm Liberty Strategic Capital. This is removing some concerns in the banking sector, and fueling a risk-on move (at least as of this post).
In early trading, today’s action is captured by our Pre-Market - see below.
NVDA is activating my Base Case (Scenario 3) in our DCF Model Conclusion
Although I personally really do not like Gap-Ups from an intraday participation standpoint, I was looking for 18215-18230 to be seen if we could break above 18150-18170. As of this post, NQ has achieved 18230.
These levels are not easy to provide given the heightened risks in the market. I will continue to do my best for the Community. And I am deeply appreciative of your support to our research efforts, as always. Join our Community and get these pre-market plans Monday-Thursday throughout the week.
Below, I’ll discuss what I see for the rest of the day as well as a comment on Outlook and market conditions.