Well, I'm somewhat conflicted about the market, which is why I'm holding back for the most part.
On the one hand (which would be a bullish one), the vast, vast majority of stocks I follow would have to climb 10% to even 50% to be attractive short candidates with good risk/reward ratios. Also, the SPY/TLT I showed in an earlier post suggests the potential for a sustained moved upward. I feel like being short in this market is akin to playing "chicken", since Bernanke and Europe keep threatening to "help" the markets out in a big way.
On the other hand (the bearish one), the markets are very, very sick in general, and the staggering amount of overhead supply on the S&P (ranging from about 1120 to 1230) presents a pretty thick wall through which the bulls have to fight. The green area I've circled represents the relatively easy chunk for the bulls to push through; after that, it's much harder.
Please. Accept the mystery.