Apologies for the late post but I have been working on rebalancing my portfolio. I replaced a portion of my SPY short with a short of Simon Property Group. Simon Property Group is the largest mall owner in the country. I believe they have two secular themes working against them. The move to internet shopping and a consumer that will be saving more. Now that the shares are fully valued I am comfortable shorting them. The best thing they have going for them is price momentum.
I was also planning on shorting the XRT and XHB, which are the retail and homebuilder ETFs but I can't get a borrow on those shares. I have been wanting to short retail but don't like shorting the sector until after Christmas.