The Wrap 11/7/12


Today was a particularly brutal day for the market. Nothing was really spared. Ours is not to reason why, lets just say the day sucked.

Coal was decimated as EPA fears hit the group. I pretty much got liquid on everything today. I got hurt on my longs with the gap down and lost my interest in fighting city hall, so I just let them go.

Although most of the technicals are broken on both the indexes and individual stocks, an oversold rally could be in the offing. There is no guarantee it will be tomorrow,

Get ready to hear the buzz phrase “fiscal cliff” ad nauseum. My guess is that is all we will hear for the next couple of months.

Greece started rioting again, so the movie cameras moved over there for a spell today as if a 300 point sell off wasn’t enough to give us all nausea.

The market needed a deep sell off and now we got it. The question is how deep will it get? AAPL looks completely broken to me technically and looks lower. Today GOOG broke a bear flag on the daily and looks like it wants to tag its 200 day moving average down around 635. Bottom line, when the leaders crater, its time to get cautious.

Very tough day, see you guys tomorrow.

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