$ESTC

So far, September is living up to its reputation as the cruelest month in the market, and it’s just week one.  The S&P 500 ended the week down 4 out of five days for the worst week since March 2023, the week Silicon Valley Bank collapsed. If you remember, the regional banking market was holding on by a thread until the Federal Reserve and Treasury changed the rules. It allowed banks unfettered liquidity, staving off a run on the entire banking industry, which would have forced many banks to take actual marks on their long-duration, underwater government bonds. That would … Read more