CI, Cigna

July 12 we warned that this stock was ripe for a solid drop despite the reasonable P/E etc. The stock had been around $52 the day before. Here is what happened:

ci aug 2011

Barely a dollar higher and a week or so later the stock goes into a tailspin dropping from $53 to almost $41 or almost 23%, right into the first logical target in a nice 5-wave move. It has also retraced 62% or so in a-b-c correction. The next dive should come soon and take the stock to about $30 (see previous blog).