HIG Looks Oversold
10/03/2008 12:55 pm EST
Harford Financial Group (HIG) has been hammered in the past week. Talks of unstable financials and the catch-all “credit crisis” have hurt any company even remotely related to banking, investing, and insurance.
Yet Hartford looks to be in a classic oversold position, especially if the House passes any sort of bailout bill today.
It’s already headed back up this morning, but there’s still opportunity to take advantage of the bounce—perhaps even in options that are two to three months from expiration.
As always, place hard stops no further out than your risk tolerance and stick to it!