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Banks have been trashed since the subprime crisis emerged. Their share prices are down 40% since the November peak and their yields are around 7%. Westpac has been trading at a premium compare to it's peers. Please see the first chart. However it's daily chart is showing some weaknesses. Have we seen the end of the recovery for banking shares? The daily chart (chart 2) seems to think so. Divergence of both money flow and CDMA indicators. |
