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The Skyesnado is back today tearing apart blue chip portfolios this time in banks with CBA rogered for -2.2% and forming what looks like a big, fat head and shoulders top, WBC is hit -3.3%, ANZ and NAB are in free fall with the former pounded -3.5% and the latter -4.2%:
However, our winner today is BOQ which is down -6% as it pretends that it didn’t just warn on profits:
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I’ll be honest with you, I wouldn’t want to be owning this if it breaks that $11.50 support area. Recall that the last time bank funding costs were under a lot of stress was 2012 and mid-tier banks do not respond well to that kind of trouble.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.