Equities are tricky because of headline risk, but I am blown away by how retail just keeps buying every single dip. Sure, some of the surveys point to bearishness, but the retail flows do not. This Pavlovian buy the dippishness needs to be eradicated by a massive purge. But: Short stocks is always hard work, and you have to sell rallies, and cover when things are dumping fast, not the other way around.