Nasdaq Bank Index: Putting A Bad Hair Day Into PerspectiveElon Musk still sees danger ahead for the US economy if the Fed does not contain the regional banking crisis.
Financial blog Zero Hedge previously tweeted about the critical role of small and medium-sized banks in the US financial system — a hot topic following the sharp collapse this month of Silicon Valley Bank, a technology startup lender and the first bank to be taken over by regulators since the 2008 financial crisis.
Small and medium banks account for 50% of commercial and industrial lending and 60% of residential real estate lending, among other loans, notes Zero Hedge with accompanying charts.
“If the Fed does not contain the collapse of regional banks, there will be another Great Depression,” it wrote, referring to the economic crisis that lasted from 1929 to 1939.
"This is a serious risk," Musk replied to Zero Hedge.
According to the US Department of Labor, in 1933, at the height of the Great Depression, approximately 25% of the 12.8 million people in the US labor force were unemployed.
This wasn't the first time Musk had intervened on his social media about the collapse of the SVB. Last week, he compared the bank failure to the Wall Street crash of the 1920s that preceded the Great Depression.
"There are a lot of similarities this year with 1929," Tesla CEO said in response to a post from Ark Invest' Cathy Wood.
Nasdaq Bank Index BSE:BANK includes securities of companies listed on the NASDAQ that are classified under the industry classification benchmark as banks.
These include banks that provide a wide range of financial services, including retail banking, loans and money transfers.
On February 5, 1971, the underlying NASDAQ Bank Index was 100 points.
Bankindex
Bank Nifty Bullish Breakout | New All Time High | Banking StocksToday on 29 May 2023, Bank Nifty broke its 2 week range and created a new All-Time high.
Until and unless, Bank Nifty does not closes back below 44140, bullish view on Bank Nifty remains intact and we can expect price to continue to go high.
Since, the bullish breakout happened after 2 weeks of consolidation near ATH, the breakout can be considered strong.
Bank Nifty is bullish now, banking stocks will fly high.
I have a few banking stocks in my watchlist which can be excellent picks for swing trading which can fetch decent returns in coming few days.
Let me know in the comments section if you are interested in these banking stocks and i will post detailed analysis.
NIFTYBANK Big move above 39760.My Personal View for NSE:BANKNIFTY
If Sustain above 39760 then big move towards 40360
My personal analysis. Only for learners
Bank Stocks: Bullish breakout. Strong long-term Buy Opportunity.BKX (Nasdaq bank index) has just broken above the Lower High trend line (dashed lines) of the 1W bearish (pull back) leg within the greater pattern of the multi year Channel Up since 2012. The technicals have turned bullish on 1W (RSI = 59.797, MACD = 1.140, Highs/Lows = 5.1079) and even the RSI is on identical levels with the last time a similar break out took place in 2016.
We are expecting a fairly similar bullish break out on the long term towards 140.00 - 149.80 (Target Zone).
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