The banks have wobbled over the last 48-hours following ANZ & NAB’s 1H22 results, yesterday saw NAB slip -0.6% although on balance we felt their result was a beat in most areas. However on a positive note NAB did rally ~3% from its early morning low implying there’s still plenty of appetite for the sector into any weakness plus of course next weeks 73c fully franked dividend for NAB, and 72c for ANZ. We are still looking for a further 6-8% upside by heavyweight CBA which might just be enough to propel the ASX200 through its 7632 all-time high but it’s going to be a tough ask if the Dow keeps suffering 4 figure falls.
MM remains long and bullish CBA targeting fresh highs
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