QBE fell the most in 2-months yesterday as its trading volume tripled, as subscribers know we like QBE and believe there are more levers involved with QBE than just interest rates but when it’s the markets focus it shouldn’t be underestimated in the short-term i.e. falling bond yields is a very big headwind for QBE.
- We like QBE as it simplifies its business model however, it feels stretched whenever it approaches $16 and we’re targeting a move to $14 short term.
MM is neutral to bearish QBE short term
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