Wednesday is often referred to as hump day, meaning that it is the middle of the week and just a few days to the weekend. Today could also be referred to as "dump day" as early indications are that investors are dumping stocks across the board.
Today I have three stocks that I think could move significantly lower from where they're currently trading.
The first one is Oracle Corporation (NYSE:ORCL) which gave a weekly sell signal yesterday and looks to be in trouble to the downside.
The next stock is the fashion house/label of Michael Kors Holdings LTD. (NYSE:KORS). This stock also flashed a weekly sell signal yesterday and looks to be headed to the downside. I will be looking at where you should sell this stock, were you should put your stop and how far down I think the stock can go.
And the last stock on the list is SanDisk Corporation (NASDAQ:SNDK). This stock also gave a weekly sell signal and looks to be headed lower. It also broke an important long term support line indicating further weakness to the downside.
As a member of MarketClub and a reader of this blog, you have known for some time that I have been negative on the market. That opinion has not changed, I still expect to see further downside price action in stocks as the general perception of a bear market begins to take root in the minds' of investors.
I will also be covering gold, which is looking more and more interesting, crude oil and the euro.
Stay strong and stay disciplined.
Every success with MarketClub,