Interesting Price Breakouts as of Nov. 7, 2012: $SPY $CL_F $AAPL

This is about mostly price breakdowns. It was just twenty-four hours ago, during Election Day, that the markets went promptly bananas and “bullish”, where crude oil futures went to “plaid”, zooming upwards of $4+USD / barrel during the day and then collapsing overnight, creating a new low as of this posting. Apple, AAPL, continued its decline as well, along with many other leaders and momentum stocks. The “softs” also went softer, and sugar, SB_F continued its decline, along with cotton, etc.

But it has been a nutty trading season, filled manic sessions, de rigueur for a market riddled with a bipolarity founded upon a persistent developed world sovereign debt crisis, HFT meddling and central-bank arrogance. (Apologies for the micro-editorial.)

On watch will be precious metals, although many commentators observed that the gold miners have been percolating (just like coal and financial issues), but a “baby  out with the bathwater” distribution scenario has emerged, and the most liquid issues are being sold off, and the volumes are there to establish this is a time for a lot of profit taking, cash raising.

Despite all that, there are still hot issues, in homebuilders and financials, but in a general distribution/liquidation, there’s time. Cash is not trash, and it doesn’t hurt to have ammunition to make new attractive buys when appropriate, during hysteria and/or the within the midst of apathy (hello Japan?).

Charts below.

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