One has to at least consider going to cash as a position. Short trades are hard. I was scalping shorts via QID in June and early July when I thought beyond a doubt that we were headed down big and yet the market kept chopping higher. Seems once you get tired of playing that game the market tanks. That ssid, I was mostly in cash during that time so redemption comes( and a new buying op ) when that sell off happens. Low volatility is my preference and I think you can safely assume that is true for the overwhelming majority of the investing public.