We’ve staked out a short position in the Diamonds even though there are higher targets outstanding for numerous vehicles track and traded here, including the E-Mini S&Ps, Goldman Sachs and Google. The actual target in the Diamonds is slightly above yesterday’s high, but if it gets blown away we hold a bullish position in GOOG that is likely to more than merely offset the loss.

Keep in mind that the shorts we are attempting are anything but whimsical. In fact, the DIA target is as compelling as any to be found right now for index-based trading vehicles. As long as we are diligent and niggardly about managing risk, there’s a good case to be made right now for shorting any Hidden Pivot rally target that is even moderately appealing.  My gut feeling is that stocks are at or very near a major top. Click here to sample Rick’s Picks free.