Bulls are tired. There is no upside momentum. The market is literally just crawling up. A significant pullback/drop of about 5% needs to take place for bulls to regain momentum (assuming they will). Folks are afraid to go long at this point after much a massive run up the past two months. I don't blame them!
At this point, looking for a bear play is the commonsense thing to do (whether it materializes or not), because there is a lot more risk going long than going short. But remember that “the markets can remain irrational longer than you can remain solvent.”
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