Some people cannot help themselves and short sellers are no exception. It’s so tempting to try to take advantage of a down day and pile on some shorts. Unfortunately, a little restraint here would be beneficial. I know it’s been a long time since May gave us a small window of opportunity for the shorts and I imagine that they are desperate for some gains, but I am hoping they let this play out and not be so short-sighted. The permabulls are out in force today with the usual comments that this “pause that will refresh” is “not unexpected” because its just a “little bit of obvious profit-taking.” Blah Blah Blah. As you know from my bearish tone the past three months, I have also been waiting for some downward action. But now is not the time to make a quick buck on the negative. It was one day. One day that MAY be the start of a sustained trend, but I am never certain of one-day trends for obvious reasons. In my opinion, the best time to put on shorts is after a series of mostly down days because these periods last long enough to make some real money and cover without much stress. Today is not one of those days and each time this market gets fed with a new round of short covering, it just makes it tougher on the “dark side” of the trade. So I’d like to see what happens if the bulls are left to their own devices and have to put more money on the long side to stop this negative move. If the market has gotten as top-heavy as I think it has, they’ll be the ones giving the bears a Santa Claus rally. For all you bulls - I am not hoping that you’ll fail here, but that is my bet. If you prove me wrong, I hope you do it because the market is truly as strong as you think it is and not because you get another lift from the shorts.