Changes!

While major indices continue to disappoint on the upside and downside:

Cable companies are breaking down and breaking down badly. This also includes the many media companies that have already been in bear markets like CBS and VIAB.

Recession-resistant, defensive companies are now showing up all over our screens. Food, drugs, beverages, tobacco and household products are now setting up and breaking out all over the place. One could ask whether this is happening because of a slowing economy.  Keep in mind, there is very little sales and earnings growth in these areas…all mature companies.

Apple continues to be bearish but is waaaay oversold and due to bounce. Instead of support, the $120 level is now resistance. In order to show any strength, the stock would first need to get back above that level.

I will be live tweeting during the debates tonight. Join me at my twitter feed @GaryKaltbaum