As I always try to do, when we are selling a bit of heavy selling, I’ve provided for you a handful of stocks that are showing signs of, or already in the process of, breaking down as the smart money appears to be leaving them in a subtle manner. There are stocks trading at its peak and finally showing some vulnerability, while on the other extreme, there are stocks that have been in a channel near or at their lows, before finally breaking down below those lows.
One thing that is very noticeable is the presence of banks on this list such as JPMorgan (JPM) Wells Fargo (WFC) as well as the Regional Bank ETF (RKH). No surprise there, as financials have lagged this market rally and has yet to be a participant in it. I’d also watch Meru Networks (MERU) which has a nice double-top in place.
Here are 13 Stocks That Are Breaking Down.
