Upon reflection of JP Morgan and Wells Fargo results their write downs for mortgages were excessive and much more than i had anticipated. While Aus stimulus is probably more effective than the US and our loans aren't as risky i think analyst are overestimating the dividend that will be paid out by westpac by some way. I had a nice run from 14 or so until I sold today I'll be back when this goes into the 14s again or they can prove their div wont be severely impacted. A lot of other stocks providing yields just as good with a lot more growth potential as well as reliable cash flows than the banks at the moment, not to mention lingering fines. Just sit back and think about how you are all feeling at the moment, that feeling of i must get in to the market as its bottomed. 95% of people are doing this and are driving the markets up disconnecting greatly from what is happening. Earnings season will be interesting we won't know till the end of the year the true impact and I'm of the belief restrictions aren't going to be fully lifted until an antiviral or vaccine is in mass production. I'll be back but for now its a wait for and see.
GLTAH DYOR IMO
WBC Price at posting:
$16.29 Sentiment: Sell Disclosure: Not Held
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