$QQQ TOP 20
Added 2023-03-12 21:01:27 +0000 UTCI think a lot of tech stocks could be under pressure this week if the FDIC does not come out and say that they will backstop all funds for the SVB, so the $QQQ could be the most vulnerable.
One thing that is very obvious is that something needs to be done before this contagion spreads and infects other banks, it takes very little to help this spread, as I spoke about this in our Telegram group a few weeks ago, the issue is liquidity and if banks stop lending to each other, the weaker banks will not survive and up until last week, the SVB was not considered a weak bank either. If the FDIC allows this to collapse without facilitating a buyer, there is no positive scenario from this, this will bring down other banks, companies who have their money in SVB and the market, this is not a small bank. This bank was specifically for startups, tech companies and VC companies, many companies will have to reduce their head counts if they lose the money they had held in this bank.
So for now, there is no buy at the moment here, CPI figures on Tuesday amongst all this chaos too, there is too many variables at play here.
