Certainly the banks are a drag on the market today. Overall though their healthy yields and not-too-demanding p/e's will lend support.
The orphan at the mom. is WBC, which is now looking very attractive.
The one to steer clear of is ANZ - I don't think they have been able to wind back their overseas loan portfolio fast enough. Hence expect more substantial write-off's and/or specific provisions.
Their substantial equity exposure in Indonesia will also be a (bigger) concern to management.
ANZ is over-priced and over-rated at current levels.
