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"What goes up must come down" hasn't always applied to equity markets, but it sure has lately. At the end of last week, all we heard was that stocks had their best one-week performance in five years -- up 4.87%. Well, in the first three days of this week, all of last week's gains have been washed away (see chart below).

click to enlarge

And the stocks that were up the most last week are down the most this week. We broke the S&P 1500 into deciles (150 stocks in each decile) based on their performance last week. As shown in the chart below, the decile of stocks with the biggest gains last week are averaging declines of 8.2% this week. The decile of stocks that were up the least last week are down just 3.71% this week.


Below we provide a list of the biggest losers in the S&P 1500 so far this week. A couple of years ago, this list could have represented the biggest losers for an entire year. Now it represents losses over just three days. As shown, NSR is down the most at -29%, followed by CWTR (-26%), RSYS (-26%) and WOOF (-23%).


Bottom line = The downtrend continues.