RE: RE: RE: RE: David Driscoll Market Call - Fridarideingthetrend...do what you want...buy now - don't buy now... that's up to you ...my average for BNS is 29.53 which I picked up on Nov 21... 100@ 29.31 and 400 on 29.56 so I don't really worry about it...1.00 or .50 cents one way or the other.
But I would suggest people just look at ANY of the CANADIAN BANK CHARTS...any of them over the last 6 years...then check the Day, Week and Month cycle charts over the last 6 months and then tell me what you think Canadian Banks are going to be doing... going forward. I would say UP at least the down side risk is way less.
It's pretty amazing that we have the same SP we had back in late 2003! Yet the BANKS are making better returns then they did back in 2003 ...EVEN with this recent monetary upheaval. And I am talking about CANADIAN BANKS only.
BNS has a P/E ratio of 10.1, EPS of $3.07 and a Dividend of 6.34% and RY has a P/E 10.3, an EPS of $3.41 and a Dividend of 5.75% and if you look at all the rest of the Canadian banks they are all about the same. Normal P/E for Banks is 15 -18... in fact a few years ago a P/E of 12 was considered very low so what do you think 10 means!!! In short - THEY ARE CHEAP CHEAP CHEAP! But don't take my word for it do your own DD.
The US banks are... (except for maybe BAC or WFC) junk but even they will go back up...over the next 2 years.