ASSET MANAGERS LEAD FINANCIALS HIGHER -- LED BY BLACKROCK, INVESCO, AND T ROWE PRICE -- HEALTHCARE SPDR FALLS BELOW 200-DAY AVERAGE -- LED LOWER BY HEALTH CARE PROVIDERS -- HCA TUMBLES, WHILE CIGNA, AND HUMANA HIT 52-WEEK LOWS
ASSET MANAGERS LEAD FINANCIALS HIGHER ... Financials are the day's strongest sector. Chart 1 shows the Financial Sector SPDR (XLF) trading today at the highest level since last October. The solid gray line is a relative strength ratio of the XLF divided by the S&P 500; and it's been jumping over the last month. Asset mangers are leading the XLF higher today. Chart 2 shows the Dow Jones US Asset Managers Index also trading at a new six-month high after clearing its 200-day moving average last week. Several individual stocks in that group have also cleared their red line.
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Chart 1
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Chart 2
BLACKROCK, INVESCO, AND T. ROWE PRICE CLEAR 200-DAY LINES... Chart 3 shows Blackrock (BLK) rising to the highest level since Last October. The stock cleared its 200-day line earlier in the month, and its late February peak last week. Its relative strength ratio (gray line) has also reached a six-month high. BLK is leading the AM group higher today; and is one of the biggest gainers in the XLF. Chart 4 shows Invesco (IVZ) also clearing its 200-day line with a rising relative strength ratio. Chart 5 shows T.Rowe Price (TROW) doing the same.
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Chart 3
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Chart 4
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Chart 5
HEALTH CARE SPDR FALLS BELOW 200-DAY AVERAGE ... Health care is one of the day's weakest sectors. Chart 6 shows the Health Care SPDR (XLV) falling below its 200-day average in today's trading. The purple line shows the sector's relative strength ratio falling to the lowest level since last summer. That reflects the fact that healthcare has been the year's weakest sector. Today's heavy selling is coming from health care providers. Chart 7 shows the Dow Jones US Health Care Providers Index falling to the lowest level in a year. That heavy selling is reflected in a number of its individual stock charts.
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Chart 6
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Chart 7
HCA TUMBLES BELOW SUPPORT -- CIGNA AND HUMANA FALL TO 52-WEEK LOWS ... Chart 8 shows HCA Healthcare (HCA) losing -10% today and falling below its 200-day moving average and its December low. That's a pretty ugly chart. The next two are even worse. Chart 9 shows Cigna (CI) falling to a new 52-week low. Chart 10 shows Humana (HUM) doing the same. It's pretty hard for any stock sector to withstand that type of heavy selling.
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Chart 8
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Chart 9
