I am bearish but I hold long positions since 1st July bottom. I am constantly hedging my long positions which have cut back the profit I have on my long positions - but that's better than a loss. I may initiate a short position later this week or early next week. I think the breakout is a fake-out because the smart money (commercials on the main S&P futures pit) is least bullish since July 1st and large spec in E-Mini is net short.