Perhaps ironically, I do not see a compelling reason to change my top holdings whatsoever. Not yet, anyway. Funds like XPH and ITA have growth potential and are less tied to rate moves. They're not cheap like the emerging market funds above, but they're Fed-fueled uptrends remains intact.

Therein lies the answer to many of the questions posed. Let your winners run until you've encountered a stop-limit loss order or your fund has breached a 200-day trendline. Do not rotate into losers until your prospect has risen above a significant moving average.

Am I sidestepping valuation here? Yes. Am I favoring technical trends. Absolutely.

When world equities are being "goosed" (give credit to CNBC's Rick Santelli for the comment) by Federal Reserve quantitative easing intervention, when stocks falter in the absence of that intervention and when they succeed upon the announcement of each new infusion, you simply ride the waves.

In all likelihood, once tapering occurs and once the amount is interpreted by markets as significant, stocks will plummet. At that time, I will be more interested in a hunt for bargain-basement "value."

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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