Sykesnado smashes into banks

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:


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.

David Llewellyn-Smith
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