Bank bashing is alive and well in the stock market today as WBC’s ordinary result puts everyone under pressure with CBA -3%, WBC -4.2, NAB -3%, ANZ -3%, BOQ -3.5%, SUN -1.2%, BEN -3.1% and MQG -2.6%:
CBA is again stumbling towards the head-and-shoulders top monster with the neckline around $70:
If (when?) it breaks the chart is suggesting $50, mums and dads will love that…
Another bank with a terrible chart is MQG which is oscillating on the wrong side of a double top eerily similar to the GFC:
Meanwhile, big iron is poofing around with some minor gains today as China is closed. I’m not sure I’d want to be holding tomorrow morning given China data and news flow around regulators closing in on the Dalian bubble:
Finally, LNG is flat as it too ponders risk and rewards with WPL 0.3%, OSH -.2%, STO -1.6%, ORG -2% and LNG -1.6%:
One sense a little calm before the storm today…
