At the start of the historically weakest month for equities there are plenty of reasons to believe stocks may be just about reaching a top - at least in the short term.

The S&P 500 has surged 14 percent this year and is at its highest level in more than 4 years. Not counting 2009 when equities rebounded from their crisis lows, this could be the best year for stocks since 2003 - nearly a decade.

A report showing hiring in the United States in August was again much slower than expected and warnings of a slowdown at Intel and FedEx this week, which will likely foreshadow a very weak earnings season, have not been enough to deter investors buoyed by aggressive central bank action.

After the European Central Bank's pledge to buy the debt of troubled eurozone countries this week the Fed is widely expected to introduce new stimulus measure in the form of more bond buying when it closes its two-day meeting on Thursday. (commentary & photo courtesy of Reuters)

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The RSI system appears to see something out there with the following selections:  iShares S&P Europe 350 Index (IEV), iShares S&P Global Energy (IXC), and ProShares UltraPro Russell2000 (URTY).

Examining the chart below, b is showing good technicals with a strong chart formation, good money flow, and it is beating the market. It also pays a yield of 3.58%. If you want to take a flyer on Europe, then this may be the one for you.

IXC has similar characteristics and is in the global energy sector. It pay a yield of 2.45%. If interested in this sector this may be what you are looking for.

And finally, I need to stress that I don’t normally recommend leveraged funds, but URTY is an exception. It is double the Russell 2000 (small cap) index. It is quite volatile, so consider it a gamble. If you are into throwing the dice and you think the market will rise … look here.

Well there you have it. I hope your weekend was enjoyable. Catch you next week.