There seems to be profit-taking going on here in AIG
and the stock continues to lag the broader markets of late. The ultra-cheap valuation is no longer there (see my older posts on buying AIG
when it was much lower) and investors are simply pulling money off the table here and finding other bargains in other sectors (like oil
stocks). Look for more profit taking and sell rallies back to the 47-48-49 area once 46 is breached. There should be some stop orders down around the 47-46-45 levels that the market could trip on a decline just under these previous lows. I don't think that 42-41 will be tested but 45-44-43 seems to have my attention as a target zone. Long term I am bullish
, just short term it looks vulnerable.
Wednesday, December 11, 2013
PS - I don't know how an ABX
chart was published when I published AIG