There are several conflicting points here.Macq have pointed out...

There are several conflicting points here.

Macq have pointed out that banks traditionally rise into the reporting season which is upon us in abt 30-40 for most banks. They are advocating call warrants to buy now.

However our banks are 20% dearer than its european peers-however our economy is stronger than most.

Finally remember NAB is falling, as much as it has, due to it stopping its buyback until it announces its results in line with US accounting policy due to its ADRs there. The buyback will start again in Nov.They will rise again due to its very large buyback so long as they do not buy a UK bank.

The banks and utilities/prop trusts have been a beacon in this falling market. Unless the market believes they should be rated along with their Euro peers they will stay up better than most ijn this poor market. Remember we are talking about stocks who will pay about 5% fully franked and are on pe,s of 11-13 for 2003 in a low interest rate environment.