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CBA $73.00

Would you buy banks stock on Monday ?

  1. jamesdoran88

    5,316 Posts.

    Last Friday afternoon banks sell off was surprising and contrary to what the market had been trading. That is banks have been a safe haven when the world markets are weak and yet despite the anticipation of more fall on the US markets on Friday, the banks were knock down severely and even more surprise to see BHP and RIO were up when normally this would be the other way around.

    One reason was given by an analyst for the banks weakness was due to fund managers raising funds for the Bank of China initial price offering which close on Friday.

    Perhaps US instos are anticipating the big fall in the US overnight and knock the day light out of banks. But why banks ?

    Whatever the reason, our banks were knock down 2% to 3% on Friday and there will be more fall on Monday.

    The big question is will you jump into banks and bet on safe haven and better earning and come dividend from CBA ?

    If you're going to buy any stock on Monday. Will you buy banks stock and will you buy CBA for the dividend in August ? The chart does not look good for CBA and next target is likely to be $28 if it doesn't hold $30. I can't see it hold $30 when it closed on Friday at $30.33.

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