Serial underperformer QBE has finally started advancing solidly and in hindsight I wish I had given more weight to our technical analysis as opposed to fundamental one which still said steer away. However after surging strongly since late April when amongst other positive statements at its AGM the board announced a likely return to dividends this year the risk / reward is far less appealing and we would need to see at least a 5% pullback to reignite our interest.
MM likes QBE back around $10.50 / $11
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