What's Working in ETFs Heading into Year-End

Here's what's been working in ETFs and what I think will continue to work through the year-end both LONG and SHORT:

Big Cap Tech - Has been working for some time now...but has been resilient in the downturns. Nasdaq 100 (QQQQ) or Ultralong (QLD) work. I daytrade QID (Ultrashort) going both long and short. Be ready to short this if the momentum comes out of this index. Michael Kahn in his Wednesday's "Getting Technical" column in Barrons said "Forget the dart board and keep a very close eye on the Nasdaq-100. There is your rainmaker."

BRIC - Brazil, Russia, India, China (EWZ, RSX, INP, FXI) - These are the hot ETFs that are also highly volatile. I wouldn't hold overnight positions in any of them. But they have been working and will continue, with bumps along the road like today.

Asia Emerging Markets - Singapore, South Korea, Malaysia, Hong Kong, Taiwan (EWS, EWY, EWM, EWH, EWT). Like their BRIC brethren these country funds are high fliers and volatile. Korea's stock market was recently touted by Warren Buffett on his visit there as "attractive". He has large position in Posco the steel maker. Keep in mind Buffett is a long term buy and hold investor.

Speculation - Possibly High Risk/High Reward Plays
Oil & Gas - OIH, XLE, USO. Oil has made an amazing run up 40% since late August. Shorting will become profitable eventually...after it tops $100/barrel? DUG is the Ultrashort.
Gold and Gold Miners - Nice run since mid-August. GDX up nearly 42% and GLD up 20%. If the dollar strengthens or Fed stops cutting, these will fall.

Struggling or At Risk for more Downside
Retail - RTH
Consumer Discretionary - XLY down 12% since June...will descend further.
Small Caps - IWM down 7.7% since July
Financials - XLF down 15% since July high...more to come?
Homebuilders - XHB down 47.5% since February. Bottom yet? I don't think so.