Rite Aid is a good example of how a steep, long-term trend can break very quickly. It is a useful lesson given how many steep trends we still have, including major indices, in this one-way market.
Nonetheless, the other side of the mountain is often fast and furious, as seen on the multi-year chart below.
Note how Rite Aid is now below its prior 2007 highs, putting the recent breakout in jeopardy. To be sure, most the gains over the past two years are still intact. But not for those who bought the breakout or recent highs–They are fast underwater.
The take-home message is to pay extra attention to long-term charts for the rest of the year.