The wild swings in the market have sent nearly half of the Dow into correction territory.
Those names include GE, Merck, IBM, Chevron, Exxon Mobil, P&G, Apple, Johnson & Johnson, Pfizer, Intel, Caterpillar, 3M, and UnitedHealth.
The sell-off could prove to be a buying opportunity for a few names.
Miller Tabak equity strategist Matt Maley pointed to Intel as a stock to watch.
"The stock has made a series of nice higher-highs," Maley told CNBC's "Trading Nation" on Wednesday. And, "each time the stock has sold off it hasn't made a lower low."
Intel's stock stretched to a 52-week high on Jan. 29, a few days after the Dow reached its most recent closing record. Since then, shares have fallen 11 percent, putting it above the 10 percent marker indicative of a correction.
Even with its recent decline, Intel has held close to its 100-day moving average. The tech company closed Tuesday's session at $45.20, roughly 4 percent above its 100-day moving average.
The stock's reaction to recent earnings reports also gives Maley conviction in his Intel pick.
"The last two times it has reported, it's seen a nice gap higher," he said. "Whenever you see a real positive response to an earnings report, that's always positive."
The stock rallied 10 percent in the two days following its fourth-quarter report in January and 9 percent in the two days after its third-quarter earnings release in October.
Price opened with a bullish gap above the 50-SMA - positive signal
Close yesterday above 38.2% Fibo and diagonal support - positive signal
The first serious resistance level comes at 47.38 - level that coincides with 23.6% Fibo - price can retract slightly after reaching the level, before breaking above it.
Second obstacle - previous high at 51.00
Alternative scenario: If the price fills its gap and couldn't maintain levels above the diagonal support, the correction might proceed to the 100 SMA. Breakaway of those levels will send the price to the 61.8% Fibo - level, that usually when broken means that the trend has ended.
Jr Trader Alexander Kumanov
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