The Chart du Jour

AFLAC: Why So Sporty?

October 31, 2000

By, Barclay T. Leib

Chart produced using Advanced GET End-of-Day

It seems odd to us, with the Japanese market continuing to melt of late, that one U.S. insurance company big in Japan (but recently charged with illegal sales practices in that country) continues to fly higher. Does anyone out there know much about AFLAC, the insurance company, other than the fact that they have cute television commercials that my six-year old loves? Although pretty sporty of late, most Elliott wave analysts and Fibonacci believers looking at the chart above might say that this stock is ripe to be sold with 5-waves up and a complete looking Fibonacci rhythm on the last ascent.

Perhaps the fellow who has be ranting negative thoughts on GE in our chat room would like to try his hand at this financial.

All we know is that if you were smart enough to be long this stock until now, bless your good fortune and sell. If alternatively, you're looking for a new stock candidate to buy puts on, then consider this one.

Meanwhile, over in the world of the SOX index, the massive top we recently left reminds us in its shape and pattern of the top left by the Aussie dollar many months ago up around 66.5 cents. It's been a nasty (and increasingly overdone) slide for the Aussie ever since. If the SOX now does something similar from here, expect a bit more down, then a "sharp up," and then a small jiggle to eventually form a pennant, before eventually sliding off the edge into another wush lower. You'll likely be able to time the "sharp up" of the pennant once Cisco reaches our long-standing $40 target.

Chart produced using Advanced GET End-of-Day

And what is the Dow Jones doing, you ask? It's feigning turning all of the year 2000 into some sort of 4th wave corrective chop, with a final thrust to new highs. But we don't really believe this, at least not yet. With the Nasdaq recently on the ropes, the Dow just seems to be taking some deserved revenge for being laughed at as old economy "fodder" earlier this year when the Nasdaq was running to its March highs. We are reminded of the old expression: "Wall Street is a street with a river on one end, and a graveyard at the other. In between, boys will be boys in their playground." It certainly turned out to be a silly situation back in February/March when the Dow was going down as the Nasdaq went up. Now it's equally silly the other way around.

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