With regards to the general market, the S&P in particular, I'm sensing that it's about time for a pullback. Rest assured, the ascent in this insane over-bought and reckless market will continue, so my job right now is to identify good shorting opportunities or equities with a sufficient enough fall to profit off a short.
One of the ETF's I've taken a particular near-term dislike to is the Powershares India Portfolio PIN. Ages ago we made a call on a long/buy on PIN in December. The climb since then has even me surprised - a narrow channel with minor tests and even fewer retracements and tests. Even the EMA(5) hasn't crossed in this period which is quite unusual. We won't see another ascent like this for some time! On Friday one of my momentum indicators signaled a sell/short signal. With the previous highs from September putting a floor in at $21.20 I think it's pretty safe to say where this is going to retrace too and where the next buying opportunity is.