Sold Canadian Banks CIBC and BNS

While the market mostly recovered in the afternoon, I took the opportunity to sell my two Canadian bank stocks – CIBC and BNS.

This was sold at a bit of a loss. BNS lost almost 7%, and CIBC lost almost 1%.

As I said in a previous post, I am overweight on Canadian Banks. I own every Canadian bank in the BMO Covered Call Banks (ZWB) fund, which is 3.8% of my portfolio. And also, they are in the BMO Covered Call Dividend Fund (ZWC), which is 8.5% of my portfolio.

This is a bit of a setback, as I now have a decent amount of cash uninvested. But part of the same analysis found a few funds I consider SAFE, and I might just evenly park it in those.