HIG getting beat up

Discussion in 'Stocks' started by Robert Weinstein, Oct 2, 2008.

  1. Any thoughts on HIG?

    I bought some shares at the close and may buy some more at the open as a bet that the house approves the new "welfare bill"

    Seems like this one is pretty bloody and overdone but these days it appears the sky really is falling
  2. dicul


    A few things I've noticed with HIG today:

    1- Moderately High volume sell off, partly due to Sen. Reid comment about a "big name insurer on the verge of BK". Much speculation on whether his comment was referring to HIG or MET or another insurer. Later his statement was retracted, while both companies issued statements saying they were adequately capitalized.

    2-Lots of fear in the holders/sentiment, blood in the streets with this one, could be signal of a coming reversal if fears are extinguished.

    3-Technically, it looks like a bottom has yet to be made. Selling accelerated into the close and barely bounced from low of around 25.30. It's off the charts at the moment.

    4-Sold off much more than industry peers, could signify something bad coming around the corner. On the other hand this might bounce much more also.

    I bought some today and yesterday, as a swing trade, and honestly was got off guard when it broke the $30 level today. I really wish I started buying today instead of yesterday... This could potentially become the next AIG, but i HOPE that doesn't turn out to be the case.

  3. In premarket its up over $3 already.

    With the bailout more likely than not going to pass the house today I would not be surprised to see it move up $6 +
  4. gangof4


    considered the same trade last night- all the way up to the end of extended trading. chickened out.

    good for you. up 3.69 right now...

  5. Thanks, I sold out and even was able to get a lot of shares sold for 31.95 - 31.99

    turned into my best trade in a very long time.