The pressure in banking sector remains as headliner with financial sector $XLF -3.22% and banking groups $KBE -5.6% $KRE -6% gave up previous day gain in an abrupt fashion. $FRC -32.8% was also sold, a day after its relief rally from news of $30 billion infusion from 11 big banks. $QQQ, $XLK and $MGK continues to defy the gravity with megacap tech $MSFT +1.2%, $GOOGL +1.4% being viewed to be more resilient in an economic slowdown with its strong balance sheet.
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19/3/2023 Market Diary
-Pressure remains in $KBE -5.6% $KRE -6% as previous day gains from relief rally all evaporated in abrupt fashion
– $QQQ $XLK $MGK continues to defy gravity. mega tech $MSFT +1.2% $GOOGL +1.4% being viewed to be safe haven in economic slowdown
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— Jeff Sun, CFTe (@jeffsuntrading) March 19, 2023
