One of the stock market's trending stories of 2016 would have to be Athleisure momentum fading, which we identified last spring as performance destabilizers for both Under Armour (NYSE:UAA) and Nike (NYSE:NKE). As Under Armour attempts broadening its brand worldwide, competition from the likes of Nike and Adidas (OTCQX:ADDYY) stiffen, and what was once a hot sector starts looking like a bad neighborhood. Under Armour's place in this neighborhood remains strong, and growing, but every story takes a pause, and 2017 sets up to be another year of underperformance for the stock.

Quickly looking at UAA on the chart (red-line), compared to NKE (blue-line), shows how vastly both underperformed the index (NYSEARCA:SPY), and how closely the stock prices mimic one another other. The correlation is uncanny, and skepticism for the sector is high.

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