The banks led the pullback by the broader ASX200, but interestingly, we bought WBC almost two weeks ago, and our position is showing a small profit, yet the ASX200 has extended its losses by another ~2%. Our preferred scenario is that the banks enter a relatively dull consolidation phase with ANZ, NAB, and WBC approaching their attractive dividends in May. For example, WBC is forecast to yield 5.1% fully franked over the next 12 months.
- We would only consider increasing our WBC position around the $30 area, or around 5% lower.
MM is long and bullish WBC
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