Market Update for March 31, 2023

Five of twelve months into  2023, we have a split market with the Dow and the Russell 2000 indexes down while the S&P 500 and the Nasdaq indexes are up.   All four remain down double digits from their ATHs (All Time Highs) also summarized in the same table. 

S&P 500 Stocks YTD Heat Map where the size of the boxes represents the market capitalization (share price times shares outstanding) .  Meta, AKA Facebook, more than doubled during the first five months of 2023.

Dow vs Oscillators

These wide images are best views in full screen

My Results YTD are Impressive if I may say so myself... I'm roughly matching SPY YTD with only 57% in the markets!  My Explore Portfolio stocks on their own are up roughly 15.8% YTD!  Over the long term, I've smashed the index which very, very few have done.

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Kirk's Investor Sentiment Charts & Data

 🐂📈Kirk Lindstrom's Investor Bull/Bear Sentiment Charts for 5/11/23 📉🐻

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II Investors Intelligence & AAII (American Association of Individual Investors) Sentiment Updates

II Bulls and Bears Sentiment Graphs

AAII Bulls and Bears Sentiment Graphs: The AAII Investor Sentiment Survey measures the percentage of individual investors who are bullish, bearish, and neutral on the stock market for the next six months.

AAII Data at https://www.aaii.com/sentimentsurvey

More: Bradley Turn Dates for First Half of 2023  

Kirk Lindstrom's Investment Letter

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More: 

1. State Street Investor Confidence Index vs The Markets

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State Street Investor Confidence Index vs The Markets

 Graphs of the "State Street Investor Confidence Index" vs the Stock Market Indexes

Graph of State Street Investor Confidence Index vs the S&P 500

Graph of State Street Investor Confidence Index vs the Nasdaq

Graph of State Street Investor Confidence Index vs the Dow 

Kirk Lindstrom's Investment Letter

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Cinco de Mayo Market Update

 Market Update for Friday May 5, 2023

Kirk Lindstrom's Investment Letter

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FRC First Republic Bank Fails - JPMorgan Chase Buys Assets

This is the second largest bank failure in history, only Silicon Valley Bank's March 10, 2023 failure was larger.  The FDIC estimates this will cost them about $13B which I expect them to recover with higher fees on banks which they will pass on to us with lower rates on savings.

• See my article: SIVB Silicon Valley Bank Fails - FDIC Steps In

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From FDIC Press Release: JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California

For Release - Monday, May 1, 2023

WASHINGTON — First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.

JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits.  As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours.  All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.

Deposits will continue to be insured by the FDIC, and customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.  Customers of First Republic Bank should continue to use their existing branch until they receive notice from JPMorgan Chase Bank, National Association, that it has completed systems changes to allow other JPMorgan Chase Bank, National Association, branches to process their accounts as well.

As of April 13, 2023, First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits.  In addition to assuming all of the deposits, JPMorgan Chase Bank, National Association, agreed to purchase substantially all of First Republic Bank’s assets.

The FDIC and JPMorgan Chase Bank, National Association, are also entering into a loss-share transaction on single family, residential and commercial loans it purchased of the former First Republic Bank.  The FDIC as receiver and JPMorgan Chase Bank, National Association, will share in the losses and potential recoveries on the loans covered by the loss–share agreement.  The loss–share transaction is projected to maximize recoveries on the assets by keeping them in the private sector.  The transaction is also expected to minimize disruptions for loan customers.  In addition, JPMorgan Chase Bank, National Association, will assume all Qualified Financial Contracts.

The resolution of First Republic Bank involved a highly competitive bidding process and resulted in a transaction consistent with the least-cost requirements of the Federal Deposit Insurance Act. 

The FDIC estimates that the cost to the Deposit Insurance Fund will be about $13 billion. This is an estimate and the final cost will be determined when the FDIC terminates the receivership.

FDIC: PR-34-2023

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