Insurance Stocks Take A Hit
Whenever a natural disaster occurs such as the Japanese earthquake today insurance stocks will usually feel the effects. This morning many leading insurance stocks are trading sharply lower in sympathy to the insurance sector .
Progressive Corp.(NYSE:PGR) is declining lower this morning by 0.19 cents to $20.59 a share. Traders can watch the $20.40 level as important support intra-day. This stock looks to be getting sold off in sympathy to the insurance group.
American International Group Inc.(NYSE:AIG) is trading lower by 0.56 cents to $35.95 a share. This company has been in a downtrend on the charts since January 7, 2011 when it traded as high as $62.87 a share. AIG stock remains very weak at this time trading below all of its major moving averages on the daily chart. The stock will have some minor intra-day support around the $35.50 level.
Aflac Inc.(NYSE:AFL) is another insurance stock that is trading lower by $1.00 to $54.70 a share. This stock is actually bouncing off its intra-day low of $53.75 a share. AFL stock still has a lot of support around the $54.00 level which is a daily chart support area. Traders can watch for resistance around the $55.00 area and more around the gap fill level at at $55.75.