On the 6th of Oct, 2003 we had a little round table do at the National Club where I presented a few choice picks, one of which was Cigna, recall that this is exactly at the same time that FFH is making a low of about $50
Note that the stock had completed a very nice 5-3-5 corrective A-B-C where the C was about vector equal to the A. Nearly always a buy, in this case with a minimum target of $37 (top of B). Needless to say , nobody bought it.
Which was a shame as the stock exceeded the target by $20 or so. More importantly after the new highs the stock is once again slaughtered which may be somewhat indicative of what one might expect from the insurance business at this time. Much of their earnings are derived from their investment returns, without which the premiums are insufficient to cover the risks.