Does Suncorp show the key to reporting season?
However it's the inference from the performance of SUN yesterday on our overall market that's catching our attention today, as reporting season looms - especially Commonwealth Bank (CBA) next Wednesday.
We have two initial points:
1. SUN remains bullish both fundamentally and technically with our target a whopping 16% higher if the broad local financials can rally only half of this the ASX200 could be well over the 5750 level in 2016.
2. In the current market "not too bad" is a buy. This ties in with our current short term bullish view for equities with fund managers sitting on record cash levels searching for some value.
Suncorp (SUN) Monthly Chart – price target over $15.50
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