Time to Short?

Most likely, it's too early. Tops in the market are a long, tedious and dragged out process. While we may experience a short term retracement, the markets will most likely oscillate in both directions for the next few weeks. For DJIA, look for support at 12,500. If this doesn't hold, the 200-DMA may hold. If we receive a negative thrust downwards from the 200 DMA, then expect the DJIA to go as low as 11,500. For the NASDAQ, its do or die at this point. If it fails its current level, expect it to go to 2,700. If it thrusts down on high volume and dips below 2,700, then it's curtains for tech stocks until possible support is reached at the 200DMA (approx at 2,575).

Some Potential Shorts: CXW, DHX, FXCM, GSL, KONG, MOBI, MWW, NYX, REDF (i), SEMG, SFUN, VIT, YOKU