Betting against equities – the market – is always difficult.  First, the market isn't designed to go down.  Companies provide those goods and services for one reason – to turn a profit, and hopefully, such activity can be recognized with a rising stock price.  Second, our economic stewards and political leaders (wisdom?) use the stock market as a vehicle that validates all that they do.  Fixing a crisis is one thing, but fixing a crisis and having the Dow confirm such actions with a 600 point move is even better.   

Call this headline risk to any short position because market participants are likely to shoot first and ask questions later on any rumor.  When was the last time you heard some elected official say "run for the hills"?  There is always the hope that they can fix the problem.  For example, this week alone, we have US Treasury Secretary, Tim Geithner, in Europe for "important" meetings.  That's 3 days of headlines telling us Europe's problems will be fixed.

Nonetheless, here we find a market hoping for a Santa Claus rally just like they were hoping for the traditional Thanksgiving lift that showed up about a week late.  How did that work out for you?  Thanksgiving week was the worst Thanksgiving week since 1932.  Oh well.

So why I am a bearish?  I have 4 reasons.

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http://www.zerohedge.com/contributed/4-reasons-be-bearish?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29