Even though Intel and JPMorgan are well off their respective highs of the day, the market is sitting pretty close to the highs of the day due to the strength in healthcare. That is the reason I did not want to add to S&P shorts before the Pfizer/Wyeth deal closed. There is a $44 billion cash component to the deal and some of that money will find its way into S&P names.
My net long position in pharma is larger than my S&P 500 short after my addittions today. I plan on adding to shorts in a few days but first I want to make sure that all the Wyeth cash is deployed. It might be better to short the Russell 2000 for the time being than the larger cap indices.