My main issue with the current market is that we are getting closer to the fiscal cliff and employers are just starting to do things about it. Combine that with the slowing growth in China, the problems in the middle-east (Syria, Iran), Asia (China-Japan over an island) and indicators like the falling price of oil, and it makes for a difficult macro environment.
On the other hand, shorting in the current market is risky because the Fed, or China or Europe could always add a bond-buying or stimulus program to generate a short-squeeze.
It's a lot easier to just lock in profits and sit the rest of the year out. We should have far more clarity in the new year.
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