Bank stocks continue to fall "Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks such as Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank. Shares of Western Alliance dropped 19% in midday trading and PacWest fell 26%, with trading of both stocks halted briefly due to high volatility." Weekend Update: "Who's Next" Reference is made to the financial charts posted in last Saturday's Weekend Update. Using XLF as an example, the June 16th just out of the money puts for are all up triple digits today. XLF Daily EW Pattern IWM 2 hour IWM continues to provide the best reflection of the current market environment, with the least overweight from the big names like AAPL, AMZN, NFLX, MSFT and GOOGL. Tomorrow is Fed Day and can be crazy volatile depending on whatever actions, words and "forecasts" are in store for the markets during the final two hours of trading. We are standing by for opportunity, especially in the volatility indices, looking at Jun 21st VIX calls if VIX can close convincingly above 20.00. VIX Short-Term VIX June 21st Calls (50 Days to Expiration)
