11 Stocks That Are Breaking Down
Today I'm providing a very contrarian stock screen in respect to the market action we are seeing today. As I've mentioned numerous times throughout today, I am a bit concerned that the market is going to have a difficult time in holding these gains, considering how over extended in just one day that we are. Just a quick look at a bollinger-band set up will explain everything. So below, 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.
No one industry is dominating the screen below, but stocks like Hologic (HOLX), which is trying to breakdown out of recent consolidation, Expedia (EXPE) and Insight Enterprises (NSIT), both of which is forming a double-top, are showing a lot of weakness as well as a solid chart to trade off of.
Here are 11 Stocks that are Breaking Down.