Banks are NOT cheap

NAB 3370 -97 -2.8%

Gotta laugh at the daily "oversold" calls still coming from the bank permabulls. The trend is your friend, and the trend is down. These pig stocks arent cheap by any standard, and thinking they must go up simply because they have fallen is absolutely amatuer.

History tells us banks retreat to an average p/e of 8 during bear markets. Currently they are 13 and over. Bond yields rise when interest rates rise, meaning bond prices fall. Banks are required to hold large amounts of bonds as security. Also, they lose business when interest rates rise because people are less inclined to borrow.
Also, lets not forget all the corporate failures coming out of the woodwork, which hurts the banks a lot.

Dont listen to the permabull bank rampers here. They were telling you to buy banks when they were a lot higher, while I and others were warning you it was a crazy idea.