Two of Big Pharma’s finest are looking quite oversold at current levels, and while risk remains, both pay handsome yields and maintain sky-high cash positions.

As more details emerge from last week’s selling in the US stock market, there are some hints of a panic selloff as some money managers who cater to high-net-worth individuals reported their clients told them to “Get out of everything.”

The sentiment numbers are also turning more negative, as the American Association of Individual Investors (AAII) sentiment survey showed a jump to 49.8% bearish, up from 31% bearish the prior week. Only 27% of participants are bullish, but these numbers can still get more extreme, as less than 21% were bullish just a year ago.

Financial advisor sentiment has seen less of a drop, but the latest poll did not reflect a reaction to the plunge in the stock market late last week. The number of bullish advisors dropped to 46.3% from 49.5%. This number was under 30% bullish a year ago.

It should be no surprise that many individual stocks are getting quite oversold, and while this does not mean they can’t get even more oversold, it does suggest that some are now worth watching more closely.

The S&P 500, Dow Industrials, and Nasdaq Composite all closed the week below their weekly Starc- bands. The table below lists ten Dow stocks that closed below the weekly Starc- bands. As I have discussed previously, this is somewhat unusual, as when prices are below these bands, it is a high-risk time to sell and a low-risk time to buy. Typically, closes below the weekly Starc- bands are followed by either a rebound or some sideways price action.

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Two companies on this list, Merck & Co. Inc. (MRK) and Pfizer (PFE), stand out, and not just for their attractive current yields of 4.8% and 4.6%, respectively. In terms of forward earnings, these are two of the cheapest Dow stocks and both are holding large amounts of cash.

NEXT: See Latest Charts and Buy Levels for Merck and Pfizer

Tickers Mentioned: Tickers: MRK, PFE