The market is looking pretty awful right now.
A downturn is starting to look inevitable, especially if SPY breaks down through the $570 level:
And there’s seemingly nowhere to turn.
Well, there’s nowhere to turn in the risk-on/growth arena.
There are other sectors that are actually starting to heat up. Insurance is one of them.
And Allstate (ALL) looks like it might be gathering up energy for a possible big breakout.
Here’s the chart:
ALL is in one of the top 50 hottest groups in the world right now and is rising when the market’s been falling.
And the previous breakout last August worked out well.
A move above $209.88 could lead to a bullish move in a bearish market.
We’ll keep an eye on it.
Happy trading,
Scott
