Cut another portion of my position today. I typically have ended up with egg on my face everytime I've done this, but SP is looking really stretched imo.
Profits have stalled, there's no reason to be up almost 30% this year. MQG and others are making the home loan market more competitive, PE is very high for a financial, it's higher than growth stocks at the moment. To top it off the property market is looking shaky imo, a lot of people are doing the sums and realising with higher mortgage rates, body corporate, land taxes, maintenance etc the sums don't add up for investment properties, heck even PPOR for some people. A lot of people are starting to rush for a very narrow door imo, smart money has already left the building. Risk/reward doesn't cut it for me at $142. GL.
CBA Price at posting:
$141.96 Sentiment: Hold Disclosure: Held
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