With the Dow up by triple digits on Monday and the market gaining about 7% in a week, is it time to add risk to your portfolio.

In a word, ‘yes’ – says Oppenheimer chief market technician Carter Worth.

Before you go on a shopping spree, it's important to understand that Worth's thesis is a trading thesis - and that its pegged to his belief that both the highs and lows for the year are in. “Does the July 22nd to August 2nd plunge set the low for the year – by all accounts I think it does,” he says in a live interview. In other words, Worth thinks 1100 is the bottom.

Now, why long?

Because at current levels Worth thinks there’s more upside than downside. “The bounce we’re seeing now has been too short-lived. It has more to go. I’m looking at 1250,” he says.

And, what's the trade?

Worth says, rather than look at what to play – he thinks the trade is what not to own.

”I think the things not to own are consumer staples,” he says. “The safe haven of staples is no longer necessary and that sector should underperform in the days and weeks ahead,” Worth explains.

Therefore - 1) on the belief that the market's bounce has been too short-lived and 2) that the market broadly will shun defensive positions, Worth suggests gaming it longSPY and short the XLP.