Ann: BEN 2017 interim financial results announcement details, page-11

Good commentary. For fundamentals rather than technical reasons agree with your conclusion. BEN is seriously over valued and any downward revision to outlook or miss in earnings, even modest increase to provision rates will see the stock take a beating back towards 12-13 PE level.

Their is really no upside for Australian Banks as any squeeze on home owners will only flow through to lower vols and increasing bad debts. Commentary appears to be that rate increases are good for banks. That is true for US and some European banks but there are no positives to rising rates for a AUS regioanl banks with large resi mortgage exposures at the top of property cycle.

I expect to see this stock below $11 by end of March. Blackrock selling their stake will be the first clear indication it's time to head for the exit.