A few days ago, I happened to come across an article which stated that a Congressman from Oklahoma by the name of Kevin Hern, just happened to work on the Congressional Health Subcommittee and just happened to dump his entire state of United Healthcare (UNH) which amounted to hundreds of thousands of dollars. Here’s a photo of him; looks like an innocent enough chap, right?
This all took place a couple of days before Christmas.
This evening – – goodness gracious me!! – – news came out stating that Congress was going to give virtually zero additional funds in the year ahead to insurers. Obviously, this is something the good Congressman would have been well aware of weeks before it came public. You know. Like insider trading, only legal.
Thus, if you look at what’s falling tonight, all the biggest wipeouts are happening with insurers like, oh, let’s say, United Healthcare.
To wit:
And one wonders why the members of Congress are the most hated and least-trusted members of our society?
As your humble chartist, all I can say is that UNH looks completely doomed.
Also, as your humble chartist, I can say I should firmly kick myself for ignoring such an obvious trade, considering that the Congressman didn’t dump all of his stock just because he felt like it. He knew.
