Once the market rallies as hard as it has and as long as it has we usually reach a state of intermediate term extreme bullishness. The Investors Intelligence survey is not there yet, the put/call ratios are not there yet and Rydex is not there yet. To add to it we are in a time of the year where the market usually does well. Until I see at least a couple of those indicators at an extreme, I am not interested in the short side other than for quick trades.
I would love nothing more than to take risk as that is the only way I can make money. Being patient is a difficult part of investing. But coming back from losses is even more difficult.