It seems that the bears are blowing their chance to take the market down, while the market is overbought. This is similar to last week, where the bulls were not able to do much with an oversold market. The Bank of America secondary likely played a part in that. Given the supply this market has taken on in the past week the bulls have done an amazing job.
While the bulls continue to surprise me, a Citigroup secondary would likely deal the market a blow. I am on hold until there is official confirmation of a Citigroup secondary. If that confirmation arrives I will get more aggressive on the short side. Otherwise, I am content in my very moderate net short position.