12:45pm (EST) The market is get spooked the day before Halloween as the Dow is off triple-digits, or 150 points, to 9,812.  So much for yesterday’s 200 point rally… A couple of key economic reports have put the bears in control today.  Consumer spending plunged in September by the largest amount in nine months as a result to the end of the government’s Cash for Clunkers promotion.  The Labor Department said personal spending fell 0.5% in September after a 1.3% jump in August. Also, U.S. consumer sentiment fell.  The Reuters/University of Michigan consumer sentiment index fell to 70.6 in October from 73.5 in September.  The reading was revised slightly higher from earlier estimates of 69.4.  As you can imagine, most stocks are seeing red but we have been preparing for a market pullback since early last week.  We switched gears and closed two bearish positions this week for 100% wins and we just closed another trade today that has returned our subscribers 100%. It looks like the smartphone trade is getting long in the tooth for the bulls who have been riding that gravy train.  Apple (APPL, $190.54, down $5.81), Palm (PALM, $12.29, down $1.12) and Research in Motion (RIMM, $58.69, down $2.67) are getting hammered today and we are paying particular close attention to RIMM.  It looks like a double nickel stock price is on the horizon.  In fact, we profile are profiling a smartphone trade in the Members Area RIGHT NOW and current subscribers can check for the trade update and the results for First Solar (FSLR, $124.28, down $2.19).]]>