When we “spoke” last week, the market looked grim.  Very grim!  But, the charts hinted we were near a bottom. Or, at least near credible support. 

And sure enough, after a dismal Monday, the market turned right around.  And turned around big, moving up 4% from Tuesday onward.

However, the market gives and the market takes, and now I think the market has moved back to overbought.  Translation: be careful on the long side right now!

Now, if you want to be a bit more aggressive than “careful,” then you might want to take a stab at betting on a market retreat.  To do that, I like playing the reverse of the QQQ: QID.  Keep in mind it moves 2x the QQQ, so take a position half your normal size.

And naturally it’d be remiss of me not to mention Steve Jobs and Apple (AAPL).  You’ve already read tons I’m sure, so I’ll leave you with this: he was our generation’s Edison.  R.I.P. Mr. Jobs.

As for AAPL, though, we have to be objective, and the story isn’t bright.  I love the company, but the stock looks like it’s about to break lower support.  If so, I’d look to buy in the low 300s.

Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."