Financial Strength
Amid all the damage done Tuesday in technology, there actually were a few
exceptional areas that managed to eke out some decent performances and finish
with some interesting chart set-ups. In particular, financials were strong, with
the insurance sector
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) performing the best with a 3.0% gain.
Obviously, the strength in financials shows the market is already factoring in
more Fed rate cuts.
One insurance company that set up well was AFLAC
(
AFL |
Quote |
Chart |
News |
PowerRating), the global insurance company
made famous in the last couple years by their clever commercials with the AFLAC
duck. AFLAC
(
AFL |
Quote |
Chart |
News |
PowerRating) gained 2.68 to 61.35 on increased volume as it managed to
close back above its 200-day moving average.
The 200-day, as the chart shows, has provided support in recent
weeks and remains upward sloping. What was nice to see was having the volume
pick up as it moved solidly higher. This move occurred despite a generally rough
day for most non-financial areas of the market.