Last week the market looked bad.
Monday’s market was a lot worse.
The major indexes fell past the 200-day simple moving average to start the week, which means we’re in bearish territory. Here’s SPY:
One thing to do when things are bearish is to just stand aside.
Another thing to do is to try to identify the few things that are rising when most things are falling.
And Chubb (CB) definitely fits that profile. Here’s the chart:
CB is above the 30-week simple moving average and is charging upward while the markets are cratering.
And the insurance sector is one of the top 40 hottest sectors in the world.
A break above $302.05 could lead to a nice run (just like it did the last time it broke through a key resistance level).
We’ll keep an eye on it.
Happy trading,
Scott
