DOW 17000 in 2013 is predicted by Jeremy Seigel & Lazlo Birinyai
Crazy to short this market..if anything makes sense for me to remain long and cover any and all short. One news like a deal can take it up sharply. Earnings starts in two weeks and it will generally OK or good.
What you do depends on what you're doing. I don't suggest any investor should ever get out or short. You should be partially in cash or in defensive positions at some times and aggressive positions at others.
Primarily as a trader, I look for inefficiencies in the market, or I encourage faster price discovery. Short or long is irrelevant. I assist the market in efficiency.