Is Now The Time To Buy The Banks?
It’s no secret that Australia’s banks are facing tough economic conditions. Faced with higher funding costs and decreased profitability, we are told action is needed to ensure Australia’s ‘Big-Four’ remain profitable. But is this really the case? Should investors who either own shares or who are looking to buy in the near future be concerned? I think not.
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Ready for a New Year
Living in Sydney, I expect this time of year to be hot, humid and filled with outdoor events but this year we have endured a cool and rainy summer, which has been both frustrating and and boring. Similarly, the markets haven’t quite delivered what we would expect, with no substantive Christmas Rally in the Australian market and a distinctively sideways market in recent weeks. One could be excused for being bored with the markets and spending time socialising rather than trading, but when this market does break out its sideways trend, there will likely to be plenty of good trades and I want to be ready.
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A Weekly Perspective on Westpac
At a recent two-day Trading Tactics class in Melbourne, a student asked about shorting a possible double top on Westpac (ASX:WBC). At first glance I had a few concerns with this trade.
Chart 1 indicates a daily chart potential double top. But the swing chart showed the size of the range was quite large for a one-day swing, so we would possibly look at a longer timeframe, starting with a two-day swing, then three-day, then weekly. The other concern was the gap from B-C. We look for gaps in the direction of the trade, not in the retracement, so this wasn’t supporting a short trade.
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Dirt cheap banks in USA
I recently scanned the USA banking sector and was blown away by the number of banks going cheap.
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Becoming a Specialist in One Market
Safety in the Market instructors are often asked: “What market should I specialise in?” There is no straightforward answer to this but every advanced student should pick at least one stock, commodity or currency to which they apply in-depth analysis and get to know intimately. Over time you might find that you change markets but concentrating on one market gives you focus and consistency.
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