Monday, August 3, 2009

Switched out of WBC and into QBE

The banks have rallied hard on a recovery story that will get picked to pieces...QBE has lagged...
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3 comments:

  1. JustinAugust 3, 2009 at 9:09 PM

    Not a bad idea, the banks have gone way too far. Other options that I reckon you could have maybe looked at were Woolworths and CSL, both of whom have lagged badly in the rush to get rich quick.

    I've still got my eye on some trashed-out but recapitalised REITS such as ALZ and possibly GPT, but just have to be patient and wait for the bullishness to fade a little...

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  2. PazzoMundoAugust 3, 2009 at 9:15 PM

    I want to buy CSL (particularly given the buyback support) but on the chart it has this 'new' momentum low to overcome and a roundish toppish kind of pattern (that is layman's elliot wave speak). It may be that the legal action in the US has some teeth to it - don't know - just doesn't look right.

    I'm with you on the REITS. I'm thinking we are close to being through the worst - and post capital raisings...

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  3. JustinAugust 3, 2009 at 10:14 PM

    I don't look at chart shapes too much :-) so I'll take your word on it, but you're right about the US legal action being a bit of a concern.

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