Industrial Alliance (IAG.TO) rang the new 52-week high alarm this week.
It also is very close to breaking out to new 3-year and all time highs. I wrote about Canadian Insurance companies a few weeks ago mentioning how weak they all are. The one exception was Industrial Alliance (IAG.TO).
This stock is showing some great leadership and the 2-year highs in momentum (MACD) are encouraging. Usually, you need a good kick start to get running fast. With all the other indicators lining up, this looks encouraging. The SCTR has moved above 75, and the Relative Strength is very close to new 52 week highs which should garner some attention from the heavy hitters soon.
When things get above the horizon, who knows what can happen. I will be hosting Martin Pring tomorrow on Martin's Market Roundup Live 2016-08-30 edition. Click here to register.
Greg Schnell, CMT, MFTA