Today's gap up right into resistance is the first decent setup the bears have had in weeks. That said, I have little interest in trying to short this market. I can come up with a whole list of reasons why I am bearish on the economy and only a single reason why one should be bullish on stocks.
Hedge funds have derisked. The more the market rises the greater the chance they will rerisk. If they do so the market could have tremendous upside. It is for that single reason that I have little interest in being short.
My posture is close to neutral due to the fact that I sold the SPY 108 Calls against my longs. I will likely just sit on my hands until Intel releases results.