Date: 3/17/2023
Author: Chris Hood
Banking was my business for nearly 30 years.
I’m not going through my whole resume, but I’ve held positions from analyst to COO at some of the world’s largest financial institutions.
Citigroup, Barclays, Al Rajhi Bank, and Bank of Montreal, to name a few.
I’m a retired insider.
The recent collapse of Silicon Valley and Signature Banks and the liquidity crisis of Credit Suisse has me deeply concerned.
It takes time for high interest rates and QT to cause damage.
And there will be lasting damage to the economy.
In 2008 it was the housing bubble collapse that started the tumble down. This time, the cracks are showing first in the financial sector.
It’s easy to dismiss a couple of banks going under as poor management or isolated cases of fraud.
But the average person doesn’t understand just how interconnected our economy is. As a result, the failure of one sector inevitably leads to problems in the rest.
Banks are the canary in the coal mine for something more significant.
Big tech will take a massive hit this year.
.
Corey Synder recently went live with Emmy Award-winning journalist Seth Allen for American Oil Fortunes to demonstrate precisely
how this one surprising stock could hand you a 1,000% return – or greater – over the next 12 months…
All you have to do is click this link to watch the replay of American Oil Fortunes.
Many might dismiss this as big names like MSFT, GOOGL, AAPL, and META have already been beaten down since January.
These can’t go any lower, right?
Shouldn’t I “buy the dip?”
If you don’t think so, head over and watch Mike Carr’s insightful video on the future of big tech this year.
His banking crisis prediction has already come true, and I think he’s also right on this one.
I always like to look for confirmation of my theses on the chart. As a technical trader, that’s just how I operate.
Take a look at the NASDAQ (QQQ) chart below:
We see a classic pattern of something in a clear downtrend.
Notice the lower highs marked with red X’s and where we are this week. Sitting directly under the red resistance zone.
The orange bar from last week indicates lower prices to come.
So I see two scenarios playing out.
We break upwards and retest the $330 resistance before breaking down to about $250.00, or else we cut straight through and land up there straight away.
The timing…well, I don’t know.
It will likely have much to do with what the Fed says next week. But I’m in Mike Carr’s camp on this one; I see a rocky summer for technology stocks.
Cheers,
Chris Hood
PS – My colleague Corey Snyder recently went live to talk about the future of oil and revealed over a DOZEN critical stock plays to make right now if you want the best possible chance of harnessing the $15 Trillion market shift…
Including the one stock that’s perfectly positioned to deliver a potential return of 1,000% or more over the next year.
This broadcast will only be available for replay for a limited time, so watch now.
