The first week of TheStreet.com's Beat the Street stock contest is turning into a nail biter, with just $6500 separating our leader, RedSox2008, from 5th place contestant Leon111.

RedSox2008 has $284,768 after three days, and made those gains shorting housing, financial, and solar stocks. Currently, that player's portfolio is short Beazer Homes ( BZH - Get Report), CIT ( CIT - Get Report), LDK Solar ( LDK), Yingli Green Energy ( YGE) and Layne Christensen ( LAYN).

RedSox2008 is trailed in the top five by Sparky1 at $282,050, Georg12ana at 280,019, Rudegal at $278471 and Leon111 at $278,268. Sparky1's returns have come from an all-short portfolio that includes positions in Lennar ( LEN - Get Report), Fannie Mae and Hovnanian ( HOV - Get Report).

MrKrabbs, who had been the leader after two days, fell to 7th place, just over $9000 out of the lead.

Contestants can follow the game through the rest of this week at Beat the Street, as well as in the Stockpickr forums.

This weekly game will continue for 13 weeks, and players can register for the next game Friday evening.

This article was written by a staff member of TheStreet.com.