the worst is ahead for banks, page-3

I am using ANZ as a guide.

I have looked at ANZ hitting 5 years lows for most of this year and it is perilously close to achieving just that.

When ANZ hits $17.50 that would be my close target as the others will also be suffering just not to the same extent. I now believe ANZ will go much lower but that will be my entry into ANZ long term. If the XFJ follows ANZ down further I will stay out as it could turn very quickly against me.

All I want now is ANZ as low as I can and I will be accumulating from $17.50 and anything belw that if it occurs.

Strange, but ANZ is my benchmark for the XFJ going lower. My (ambitious) downside target for the XFJ is now 4200, if it fails that then 4000 is highly likely and ANZ would be below $15. If ANZ hit that it would be the bargain of this century IMO.

In reading Share Select this week I see they agree with my forecast of ANZ so I'm not on my own with this view.

I have consistently stated I believe the XFJ is the index to watch, as this whole debacle is about financials.