re: CBA, frankiedee
Hi frankie ... BC crunched $28.50 for 15/11/02 on 06/11/02 and was based on the trendline reversal due at $27.50 around the 07/11/02 ... having been broken at this level, CBA could freefall until the selling is done.
Men in black systematically hacking away at any support again this morning as expected.
Best to reserve judgement on short term targets now until the selling is done and the bottom confirms ... BC needs that now as an input ... remembering the purpose of this function is to analyse and crunch derivative yield projections.
IMHO ... view from the perch (as acouch says...) is best ... when CBA irresistably cheap the men in black will change sides ...
Bet CBA Chairman John Ralph has his head in a bucket over his gaff at AGM re:CBA earnings 2003 growth of between 8-10% ... leaving the media to pounce and interpret that 'double digit' growth for 2003 is out ... hence the subsequent bun fight.
Big Frank looked decidedly nervous and was keen to carefully phrase his answer on Business Sunday as 'between 8-11%' ... desperate to NOT repeat Ralph's mistake ...
The Bank Sector is now in damage control mode and 'no news is NOT good news' ... the Market needs some reassurance and probably won't get it.
