Stocks took a proper nosedive this afternoon after staging the usual morning rally.

The reason attributed to this was concern about some of the bleeding edge banks like Silvergate, and now the Silicon Valley Bank. This led to a drawdown in share prices of the the Too Pig To Fail behemoths:  JPM, Wells Fargo, Citi, and Bank of America.

The Dollar declined a bit as short term yields back off their recent highs.

Gold rallied as a consequence, but silver fell a bit in sympathy with equities.

Jobs. Jobs. Jobs. Non-farm Payrolls tomorrow.

Have a pleasant evening.

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