What happened to the Banks ?

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msparks

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Post Number: 558
Registered: 10-2004

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Wednesday, July 12, 2006 - 02:43 pm:

Hi HC
Just checked the bank charts and they are all doing down ?

What is going on ?

WBC has 3 big reds in a row !

If interest rates go up they more money, right ?

holycow

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Post Number: 2400
Registered: 08-2004

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Wednesday, July 12, 2006 - 02:57 pm:

MS,

Read in FNarena that said most banks are either "over priced" or about right, and that they are all becoming dividend play and people who buy for capital gain can forget about this for a while...

Fact is "banks" are a convenient vehicle to support/maintain the index, today they are down, buy somehow one day they will just spring a surprise on everyone. They are like "taps", some day it's on-off, other day it's off-on... very convenient if you control large number of their stocks.

Chartwise, I am expecting a "lower peak" to be made on everyone bank.

Today, is NOT a good day to buy bank stock. Today is a "watch" day for them.

Cheers.

HC

"... if you've got a chart, I have an opinion!"

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