MM recently reduced our CBA and NAB positions above yesterdays close with an eye on buying BOQ using a limit of $8.50, a move that’s colloquially termed in the markets as “lifting a leg in the air”, the move was looking pretty average until yesterday’s falls but we remain optimistic. An ongoing washout in the crowded banking space feels very capable of enabling us the opportunity to buy BOQ around our target area. However the overnight +2.3% rally by the US Financials is likely to add some backbone to the sector this morning but at this stage we’re in no hurry.
MM remains a keen buyer of BOQ <$8.50
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