Good Hands (ALL)

by | Mar 19, 2024

The market was excited about the big Bank of Japan rate decision last night and the big NVDA AI summit starting this week.

And both were a whole lot of nothing. 

At the same time, many analysts are weary of the Magnificent 7 and the massive move in tech.

They claim traders are moving toward less risky, more solid companies.

In other words, boring is becoming cool.

And Allstate’s insurance business sure is boring.

But like we’ve said, humdrum stocks have been on a roll lately.

Here’s the chart:

ALL has shown huge momentum in the past few months and Insurance is one of the top 25 hottest sectors in the world. 

A break now above $168.05 could lead to a nice run.

We’ll keep an eye on it.

Happy trading,

— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.

WRITTEN BY<br>Scott Welsh

Scott Welsh

What to read next