Canadian Banks will have there day yet...The SP of almost all the Canadian Banks are very near 2002 - 2003 levels ...levels that were pretty much stable for almost 2 years. Could they go lower maybe ... will they?... I think not in the near term...but if they can't find support around these levels they could return SP levels not seen since 2001...ranging around 18.00 to 26.00 for RY.
I bought 500 more RY today and 400 more BNS early in the day... at I felt reasonable prices. And I am still in the black on all my financials...MFC, RY and BNS.
Buy at maxium gloom and doom... I say it's time to add.
The banks are at the bottom of their current cycle and in very oversold condition...if the market has any pop they will move up nicely...waiting for that Santa Clause Rally.
Cheers