I have a lot of short positions right now, but:
(1) I am holding back on any large short positions based on the prospect of a push higher in equities; if and when that happens, I intend to get more aggressive than I've been in about a year on the short side;
(2) I don't want to be utterly left out in the cold if a push higher does occur. I really like OIH (which I pulled a day-trade profit from earlier today), but I'm concerned that it is already within spitting distance of its resistance level. I have instead acquired DDM, the ultra-bull Dow 30 ETF, as as countertrend play.
DDM will not entirely protect my short positions, because its effective position size is only about one-fifth of the size of my shorts, but something is better than nothing.
