The technicians are often in charge at a moment when all is in flux, and one of the stocks I have flagged that looks really sick is Beam, the now-overvalued spirits play vs. Diageo ( DEO) and Brown-Forman ( BF.A). These are two vastly superior enterprises to Beam, as they sport better international and domestic prospects, respectively. Given the concentration in the spirits industry, and after the U.S. Airways ( LCC)- American Airlines fiasco involving the Justice Department, I don't know how Beam could get a takeover bid that would pass muster. It's also very yesteryear to think liquor stocks somehow won't fall from their perch in a broader downturn. Finally there is Procter & Gamble. In many ways, this is the most vulnerable of all of Ackman's big buys, and the one most prone to profit-taking, even by him. I regard P&G as a dangerous long here. It offers just a 3% dividend yield to protect it from a downturn, which is a thin piece of threat indeed if the risk-free 10-year U.S. Treasury ticks at 3%, where it certainly seems as though it is headed. This group, including P&G, looks about as toppy as any in the chart book. That makes a ton of sense. First, it is seriously overvalued vs. historic levels. Second, we know there's a diminution of the emerging growth market, the best place for P&G to expand. Don't believe me? Go listen to the commentary on the vastly superior Unilever ( UL) earnings call. Now, there is always the possibility that A.G. Lafley, the CEO who just returned to the helm at P&G, will try to break up the company. But I regard him as nothing more than a caretaker, and I can't see it happening. So let's add them all up. If you think this market is in the process of rolling over because of rates and the technicals, I can't think of a better place to go short than with the Ackman names. If J.C. Penney pulls the quarter out of the fire, maybe there will be a reprieve to the portfolio. But if bonds keep going lower? Perhaps it just won't matter, and you'll have a legitimate free-fire zone going, because I can't think of a worse portfolio to have at this very moment than what Ackman's Gotham has been able to cobble together. At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long AAPL.