Friday, December 4, 2009

"Trading Idea: Sell AIG" (AIG)

The stock is trading at $30.51, up 62 cents. From The Big Picture:

We have been watching AIG after it fell below its recent support (red lines on the attached chart) around $32.75…Now after almost a week of trying, and failing to move above (failing on higher volume) we now see AIG moving lower. Our first trading target would be low $20’s….and use the level of the breakdown as the stop…

As seen in the attached jpg AIG shares look ready to trend lower.




Any questions, please contact Peter Greene
Fusion Analytics Securities

See also (in reverse chronological order):
AIG Tangible Common Equity -$162.06 a Share, Analyst Says (AIG)
American International Group: AIG Reserves Deficient - Sanford Bernstein (AIG)
AIG Shares: Still Not Worth Anything.
Credit Suisse Analysts on AIG: ‘Little to No Value for Common Equity’
American Intl Group: Downgraded to Underperform at Sanford Bernstein; $10 target (AIG)
That last one is dated Sept. 1, 2009:
...In early pre-market trade the stock is down $2.23 (4.92%) at $45.33. If SB is correct that leaves some downside, eh?...