S&P 500 continued the short squeeze, more than vindicating my call for no setback Friday. Market breadth and internal strength isn‘t though that positive – yet markets are celebrating as if the banking crisis was over, as if the Fed pivoted, or as if Big Tech earnings were to lend similar resilience to other industries‘ results. Somehow, the negative UPS forward guidance has been quickly lost as well. The elephant in the room is continued deposits outflow – and it doesn‘t end with First Republic Bank (NYSE:FRC) no matter how much KRE and XLF rejoice. Fed is still raising rates, Fed is still sh…

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