Trade of the Day: Allstate (ALL)

Go long ALL for 8% upside

   

ALL422 300x183 Trade of the Day: Allstate (ALL)
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Allstate
(NYSE:ALL) is a major U.S. insurance carrier that specializes in life and property/casualty insurance.

Shares have been rising all year so I believe we’re in good hands.  Like its peers Travelers (NYSE:TRV) and Progressive (NYSE:PGR), ALL is still in a great groove, so I am expecting it to rebound robustly as their investment portfolios improve.

On Friday, the stock turned around and finished at its high of the session.  Then Monday, it found footing at its 30-day average.  This big insurance provider has been one of the best stocks on the board all year, and I suspect the past few days have just been a quick breather that should allow you to enter the trade.

Recommendation: Buy ALL for a $53.00  target.

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InvestorPlace advisor Jon Markman operates the investment firm Markman Capital Insight. He also writes a daily swing trading newsletter, Trader’s Advantage, which aims to capture profits of 15% to 40% and often as much at 100% to 200% in less than 90 days.

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