The banks have taken the gloss off of the ASX in recent weeks as the yield curve contraction sparked by the Fed last week appears to have removed a major sector tailwind from the macro backdrop. We trimmed our NAB position recently looking for a ~15% correction which still feels like its slowly unfolding, if this move does materialise we still intend to increase our sector exposure into such weakness e.g. the ideal target for NAB is ~$24.50.
MM likes NAB under $25
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