I’m concerned a little. However, Chief Market Technician at Oppenheimer, Carter Worth said in a note to sell this rally.

Some of his reasons:
- Only the junk was getting a lift today
- The semis, the nasdaq leaders like RIMM, AAPL, were not participating, the Nasdaq altogether does not look good.
- If the move by the govt. was so cataclysmic and so beneficial to the market, why wasn’t the Dow up 1000 points?
- Lack of volume, govt’s unprecedented action should have produced a volume event.
- (and from StockRake.com – No volatility event)

Therefore Carter sees what I see. So I’m short in the index funds, but traded out mostly of the ETF related trades all with profits today. I’m looking to short the strength for the time being unless I see something change that is how I’m playing it.

What has been working is the same stuff I mentioned in the past weeks.
Retailers, restaurants, homebuilders (not interested in chasing these here though)


I’ve got some shorting ideas and I’ll try to post one per day.

FSLR – Its at the top of my list.

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Thanks for reading

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