Extremes in nature equal ends produce; in man they join to some mysterious use.
-- Alexander Pope

NEW YORK ( TheStreet) -- With just a short week and a half left of trading for 2012, it is instructive to analyze what's happening to various parts of the market as money positions for the new year. Deeper clarity on the Fiscal Cliff is under way, and money can now plan accordingly for the next four years post U.S. elections. In addition, European markets have been on fire, improving confidence and increasing risk-taking. Momentum on the upside has countered the negative narrative that has been pervasive all year.

So how is price positioning now? Every week I run a screen on the more than 1,000 ETFs/ETNs I track to identify those areas of the investable landscape that are exhibiting extreme price behavior relative to their own respective 20-day moving averages. The idea is to see if there is a message happening beneath the surface of the market by looking at the opposite ends of winners and losers spectrum over a rolling one-month period. Take a look below for the latest results.

The Extreme Winners this week are primarily in the alternative energy space with the Guggenheim Solar ETF ( TAN - Get Report), Global X Uranium ETF ( URA - Get Report), PowerShares WilderHill Clean Energy Portfolio ETF ( PBW - Get Report), Market Vectors Nuclear Energy ETF ( NLR - Get Report) and the Market Vectors Global Alternative Energy ETF ( GEX) all among the best performers in the past 20 trading days relative to their respective moving averages. Looking at the charts of many of these ETFs, it is clear the market re-evaluated its bearishness on the alternative-energy space once Obama got re-elected, presumably due to a more alternative-energy friendly environment under his administration.

As to the Extreme Losers, it is more of a mixed bag. At the most extreme is the United States Natural Gas Fund LP ETF ( UNG - Get Report), with the iShares Silver Trust ETF ( SLV - Get Report), Market Vectors TR Gold Miners ETF ( GDX - Get Report) and SPDR Gold Shares ETF ( GLD - Get Report) getting hit the most. The weakness coinciding with a breakdown in bonds, like the iShares Barclays 20 Year Treasury Bond Fund ETF ( TLT - Get Report), suggests that this is more due to a flight away from perceived safety trades, rather than due to anything more fundamental on the precious metals front.

The bottom line? The market appears to have quickly re-adjusted to alternative energy stock prospects following the mid-November low, and money appears to be continuing its rotation out of perceived safety trades. I suspect a recovery in gold and silver, however, will occur as money treats precious metals less like bonds, and more like cyclically sensitive investments that would benefit in a global risk-on environment for emerging economies. Either way, momentum in the near term seems to be favoring alternative energy the most.

At the time of publication, the author held no positions in any of the stocks mentioned, although positions may change at any time.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

This writing is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction, or as an offer to provide advisory or other services by Pension Partners, LLC in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Pension Partners, LLC expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing.