Don't focus too much on the CA exposure .... its probably only...

Don't focus too much on the CA exposure .... its probably only 8% of their total portfolio, and they are underweight AZ, NV and FL (others states most affected by sub prime).

The sell off in the AUD & drop in AUD bond yields over the last 2 weeks is very bullish for WDC should it be sustained.

In the short term the stock is basically a derivative on AUD and interest rates.