Look at whats going on. I don't care how strong this company cash position is - look at whats going on housing is still very week. A higher number of people than usual are unemployed, behind on mortgages, not spending money.
The economy is improving. That's market consensus. Everybody knows it's still weak, but most believe it's improving. Stocks are priced on expectation of future earnings. If you want to fight the majority then go right ahead, but it's a good way to lose money.
It's a far better short strategy to identify sectors you think are overpriced, and then wait for market sentiment to turn. You miss the initial, often substantial move, but you avoid the losses that irrational sentiment can inflict.
For example, if you were short the market for the past six months you just absorbed one of the greatest rallys in seventy years. Why do that?