Wait to short

The market declared its readiness to move back to normal, and risks are taken care off. Wow, what a difference a week make. Last week, we were talking about crash, Fed's timely rate cut, today, new M&A activities and oversea markets rallies after rallies made bears on the edge and bulls eager to show their strength again.

1. I'll wait to carefully add my short ETFs and puts.
2. Today I added a small QQQQ put positions. And I won't add again until S&P touches my next target 1485-1505 area.
3. Today seems to me bulls took out 1460 area without any real struggle. It's a fake or real take out remains to be seen, but I'll move to the next attack area, 1485-1505. I will add shorts and puts again around that area.
4. Depends on how strong the move is, my position will be small or large again.
5. My idea is simple, the credit crunch issue is by no means over, a Fed Sept. rate cut is already in the market price.
6. So any break out from here with low volume will be a welcome news to bears, if you can select your entry price right.
7. We will have a pull back, even in a bull market.
8. All things considered, I won't play long due to the risks, but I will play short in this environment.