I feel that some punters in the US seemed to bet that Putin should be happy with what he has done and the lame response from the West. So, Putin might wait a couple of more years before making his next move when Biden is probably gone and the West is starved of energy and China becomes a bigger threat to the US. So, they pushed the market up only to see sellers show up at end of the session. I used simulated trading to short a basket of tech stocks and they slumped quickly at the end. Even financials in the US are a bit weak too as they all gave back gains (if any) and went into the red.
Our miners will do well. Our banks probably will go side way and still has a downtrend because they have run up strongly in the last 3 weeks. My take here is that we should wait for 3 weeks before buying WBC again. I have dumped all my WBC shares last week as I just could not see the upside for a while. It made sense to get out and buy back later at a better price. Another thing I would appreciate a comment on is the wisdom of keeping WBC to get dividends. Every time I keep banks for dividends, they always dropped a lot more than the dividend amounts! And it took me about 8 weeks or more of waiting to get back the unrealised loss. So, the dividend is not so attractive. Perhaps, selling the shares during the run-up just before the dividend is a better idea?
WBC Price at posting:
$23.51 Sentiment: None Disclosure: Held
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