We touched on QBE in late April when the stock was ~$9.50 at the time MM was targeting around 20% upside citing rising bond yields as the driving force. The quality of the business precluded us from following our analysis which is obviously frustrating today but if we had gone long we would be looking to trim / cut our position into strength above $11.
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Reporting season has taken a positive turn – James Gerrish breaks down some of this weeks action.
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Thursday 11th September – Dow off -220pts, SPI off -20pts
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Wednesday 10th September – Dow up +196pts, SPI down -4pts
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MM likes QBE initially for another ~8% upside
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Reporting season has taken a positive turn – James Gerrish breaks down some of this weeks action.
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