Interesting post from Bespokeinvest.com regarding what people are actually shorting.
Surprisingly, utilities and financials are both both while consumer discretionary and telecoms are so high. Utilities vs telecom's are especially confusing to me as they generally tend to trend.
However, if you look at individual charts, telecoms (but also utilities) have recently been on a nice upswing. XLU, the utilities ETF just hit a 3 yr (or longer) high today. While the Dow has as well, XLU isn't always correlated to the market (its only a 0.46 beta vs the S&P). So curious.
Still a bit conflicted on short term market direction. There are indicators saying the market is too high but there are too many people (like me) expecting the market to go down. My experience has always been that when these situations occur, the market will go down but not before it makes a few more strong days that eventually cause people like me to give up and get back into the mkt. So while I am not out of the mkt, I am just reducing my holdings by a small amount and buying a few more income based dividend ETFs just to balance out the potential for a drop. We'll know in 3 months I suppose.