The momentum rankings have held the same top 3 components for the past 10 days, with a little tradeoff between QQQ and IWM in the #2 slot.
One interesting variation of this model is a top 5 sort, so the 6th slot just stays in cash on a rotating basis. Using this approach cuts down on commissions and produces approximately the same returns as a top 2 sort...as long as the markets remain bullish.
On Fast Money last night Cramer fielded a question from a viewer who thought C (Citigroup) was over bought at this level ($51). Cramer noted that C still had almost 500 points to go up before it reached 2007 levels, so everything is relative and he sees plenty of upside potential in XLF (for now).
(This is not an endorsement for XLF or Cramer....he's been stunningly wrong before)
