"They [the Fed] were not testing for interest rate risk." 

This is the reason that was given as to why the Fed's stress testing would not have been helpful in detecting the troubles at Silicon Valley Bank.

Why do we keep excusing such willful incompetence?

Stocks took a hard dip this morning on fresh banking troubles from Deutsche Bank, aka Buba.

But as one might have come to expect, stocks shook off their concerns and finished up in the green.

The precious metals initially rallied, most notably in silver, but they were lower by the end of the day as the rose-colored glasses came back on.

As I noted, the Comex metals option expiration is next week (calendars below) and there is still plenty of time for shenanigans.

The VIX initially spiked higher but finished lower amid an outbreak of complacency.

The political situation in the US is still reliably nuts.

Some neocons still seem determined to encourage a wider war in other peoples' backyards.

France's leader is showing how not to make friends and influence people, except among the plutocracy.

Let's see what madness the new week brings.

Have a pleasant weekend.

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