I don't hold shares in any banks at the moment. But seeing the share prices of banks fall by 50% is quite frightening.Example: This is the chart for ANZ Bank. Its fallen by over 50% in value in the last 12 months. Not unusual - all the other jokers in the pack, NAB, Macquarie, Westpac, CommBank etc.. have done the same or worse.
Quite amazing - its like seeing a big horrible train wreck. I was recommending my friends NOT to buy bank stocks but I myself didn't realize it was going to be this bad.
Goes to show you the buy and hold forever theory doesn't work so well sometimes.
It's probably a good time now to consider buying banks like ANZ - but only for short term gains due to the high market volatility - and only using play money.
(On the technical side: you can see that the support was breached at $28 and showing warning signs of a fall out).
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