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(Update 4:45pm PST): The Hartford Receives Preliminary Approval For $3.4 Billion Participation In Treasury's Capital Purchase Program. The stock is up 6% in after hours trading.
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Hartford Financial Services Group, or The Hartford as is usually known, is up 20%. I don't know anything about the stock (other than it's in one of the most troubled sectors - insurance), I don't know any news that's moving this stock (rumor is that it may be being acquired, but they say that all the time, don't they?).
The chart, though, if you do not know it is an insurance company, looks interesting. Not the daily chart but weekly chart.
Possibly a double bottom formation, RSI above the descending trend line from October 2007 AND close to 50 (it popped above 50 last week), money flow may be (just maybe) turning positive.
It can be a contrarian trade (i.e. go where everyone says don't go), if you are willing to risk your money. FYI, someone bought close to 6000 call options on HIG today, September $25 strike. That's good $10 away from the current price. Half a million dollar worth of money. The existing open interest was 669 as of yesterday. Interesting.
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