Big news today for the banking sector with CBA settling on a $700 million penalty for the money laundering issues which have been looming large for some time.
I see this as a critical moment for the banking sector, pretty clear that the market did too with banks up strongly today on the back of this massive penalty.
It delivers some certainty, and the market like that. This is good for NAB.
Notwithstanding the RC continues and will no doubt potentially serve up a few more bad days for the banks , I think now would be the ideal time to begin a dollar cost average into the banks. CBA and NAB would be my preference.
I've not been holding any bank stocks since this RC began, and don't have many spare bullets right now but intend to dip my toes in.
NAB Price at posting:
$26.76 Sentiment: None Disclosure: Not Held
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