One of the leading indexes right now, the EWS, is still in an intermediate term uptrend. Yet the US indexes are all in intermediate term down trends with very few individual stocks in intermediate term up trends. There are currently many divergences in the markets and its very difficult to pin point what the next high probability trade is going to be. The markets are neither over bought nor over sold at this point in time although they are more over bought than over sold. So I am not really confident taking either short trades or long trades.
Until I get some clarity with regards to market direction and some obvious set ups long or short then I am going to remain in cash.
Good luck and good trading!