The financial sector, along with other value-oriented sectors, is beginning to significantly underperform the major equity benchmarks over the last six weeks.
We'll share a potential short candidate, close to breaking down through a key support level that could indicate much further downside to come.
First, let's visualize the relative performance of the financial sector, along with three other value sectors that have all shown deterioration since April.
In searching through the financial sector for an actionable chart to play potential downside, I discovered that Progressive Corp. (PGR) is showing all the signs of a bearish rotation.
BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.
Persons:
PGR, I'm, David Keller
Organizations:
Progressive Corp, Progressive, PGR, CMT