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The following list might interest contrarian investors. To compile this list we began with a universe of over 50 stocks that have recently seen the 50-day MA cross below the 200-day MA, a banish momentum indicator often called the "Death Cross."

We then looked at the flow of mutual fund interest for these stocks and focused only on those that had experienced, on a net basis, mutual funds selling over the last two quarters.

Given the negative sentiment, which of these stocks do you think is being underestimated? Full details below.

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1. United Microelectronics Corporation (NYSE:UMC): Semiconductor Equipment & Materials Industry. Market cap of $7.38B. SMA50 at $2.92 vs. SMA200 at $2.95 (current price at $2.84). On a net basis, mutual funds sold -11.6M shares the most recent quarter and -22.0M shares the previous quarter. The stock has lost 24.67% over the last year.

2. Monster Worldwide, Inc. (NYSE:MWW): Advertising Agencies Industry. Market cap of $2.19B. SMA50 at $16.32 vs. SMA200 at $16.47 (current price at $17.43). On a net basis, mutual funds sold -10.6M shares the most recent quarter and -4.8M shares the previous quarter. The stock has had a couple of great days, gaining 5.6% over the last week.

3. PMC-Sierra Inc. (NASDAQ:PMCS): Semiconductor Industry. Market cap of $1.72B. SMA50 at $7.82 vs. SMA200 at $7.83 (current price at $7.24). On a net basis, mutual funds sold -8.2M shares the most recent quarter and -3.0M shares the previous quarter. The stock has lost 19.56% over the last year.

4. Johnson & Johnson (NYSE:JNJ): Drug Manufacturer. Market cap of $162.99B. SMA50 at $59.78 vs. SMA200 at $60.13 (current price at $59.49). On a net basis, mutual funds sold -7.3M shares the most recent quarter and -2.0M shares the previous quarter. Offers a good dividend, and appears to have good liquidity to back it up--dividend yield at 3.63%, current ratio at 2.05, and quick ratio at 1.82. The stock has lost 5.33% over the last year.

5. AstraZeneca PLC (NYSE:AZN): Drug Manufacturer. Market cap of $66.36B. SMA50 at $47.57 vs. SMA200 at $47.62 (current price at $48.23). On a net basis, mutual funds sold -7.0M shares the most recent quarter and -404.5K shares the previous quarter. Relatively low correlation to the market (beta = 0.58), which may be appealing to risk averse investors. Offers a good dividend, and appears to have good liquidity to back it up--dividend yield at 5.32%, current ratio at 1.5, and quick ratio at 1.4. The stock has gained 11.9% over the last year.

6. USEC Inc. (NYSE:USU): Industrial Metals & Minerals Industry. Market cap of $546.87M. SMA50 at $5.19 vs. SMA200 at $5.33 (current price at $4.48). On a net basis, mutual funds sold -2.5M shares the most recent quarter and -2.9M shares the previous quarter. The stock is a short squeeze candidate, with a short float at 15.12% (equivalent to 7.46 days of average volume). The stock has performed poorly over the last month, losing 15.31%.

7. TAM S.A. (NYSE:TAM): Major Airlines Industry. Market cap of $3.09B. SMA50 at $20.33 vs. SMA200 at $20.83 (current price at $19.58). On a net basis, mutual funds sold -2.0M shares the most recent quarter and -324.6K shares the previous quarter. The stock has gained 17.73% over the last year.

8. Agnico-Eagle Mines Ltd. (NYSE:AEM): Gold Industry. Market cap of $11.07B. SMA50 at $69.02 vs. SMA200 at $69.11 (current price at $66.78). On a net basis, mutual funds sold -1.9M shares the most recent quarter and -608.2K shares the previous quarter. Relatively low correlation to the market (beta = 0.69), which may be appealing to risk averse investors. The stock has gained 7.51% over the last year.

9. Canadian Solar Inc. (NASDAQ:CSIQ): Semiconductor Industry. Market cap of $469.37M. SMA50 at $13.11 vs. SMA200 at $13.25 (current price at $10.74). On a net basis, mutual funds sold -712.2K shares the most recent quarter and -446.5K shares the previous quarter. This is a risky stock that is significantly more volatile than the overall market (beta = 3.3). The stock has performed poorly over the last month, losing 21.17%.

10. WuXi PharmaTech Inc. (NYSE:WX): Drug Manufacturer. Market cap of $1.14B. SMA50 at $16.05 vs. SMA200 at $16.22 (current price at $16.23). On a net basis, mutual funds sold -654.5K shares the most recent quarter and -564.3K shares the previous quarter. The stock has had a couple of great days, gaining 5.43% over the last week.

11. OneBeacon Insurance Group, Ltd. (NYSE:OB): Surety & Title Insurance Industry. Market cap of $1.31B. SMA50 at $13.46 vs. SMA200 at $13.49 (current price at $13.8). On a net basis, mutual funds sold -367.8K shares the most recent quarter and -140.5K shares the previous quarter. The stock has gained 4.84% over the last year.

12. Companhia Siderurgica Nacional (NYSE:SID): Steel & Iron Industry. Market cap of $25.05B. SMA50 at $16.49 vs. SMA200 at $16.63 (current price at $16.86). On a net basis, mutual funds sold -230.1K shares the most recent quarter and -1.5M shares the previous quarter. The stock has lost 13.65% over the last year.

*Mutual fund flows sourced from Fidelity and moving average data sourced from Finviz.

Source: 12 Stocks With Bearish Momentum Being Sold by Mutual Funds