When In Rome...

...sell short. I think that's how the saying goes.

As much as I want a breakout to the upside, and an escape from the 1,200 S&P ceiling, the stochastic oscillator is signaling an overbought market and a few down days will most likely be upon us. Nothing new in this rangebound quicksand pit, although the CMI is still holding the QLD trade because it is not programmed for such short-sighted thinking. Too bad.

For those that enjoy range bound markets, here is my list of high beta stocks to short for the next few days. I won't be shorting any of these since a new downtrend will put another nail in the coffin of the CMI 3.0, but will benefit my BAC puts...and that will be enough excitement for me. I enjoy nothing more than profiting as the Bank of America goes the way of the Raphus cucullatus.

Short List
symbol , name, current price

CAR, Avis Budget Group, $12.00
DAN, Dana Holding Corp, $12.91
MGM, MGM Resorts Int'l, $9.98
GNW, Genworth Financial, $5.89
CBL, CBL & Assoc., $12.55
BZ, Boise Inc, $5.78
PIR, Pier 1 Imports, $10.81
CHMT, Chemtura Corp., $11.00
CENX, Century Aluminum, $10.10
IO, ION Geophysical Corp., $6.65

So, I'll wave the white flag and go with the flow by expecting another leg down, but with the hopes that the market, instead, enters a new long, long uptrend...and that the stocks listed above actually wind up at the top of the 100 best picks list.

You can cut the ambivalence with a knife.