Admittedly, we were a couple of weeks off, but trouble has been brewing in the banking sector and tonight - after the close - we get the first bank failure of the year.
The FDIC just seized the troubled Philadelphia bank, Republic First Bancorp and and struck an agreement for the lender’s deposits and the majority of its assets to be bought by Fulton Bank.
FAZ moved higher in after hours trading tonight (yellow circle lower left of below chart). Looking at the chart/analysis, FAZ has the potential to double from Fridays level.
Nothing is in place to back stop banks right now. If banks start falling like dominoes, the market will follow. The big banks win again. GLTY
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