Still Trying The Short Side

It seems like every week  the S & P 500 gets rescued by European news.  The average stock, on the  other hand, declines just a little more.  My indicators continue to  weaken:

Earnings:
The trend in estimated earnings is still slightly  down and that trend is accelerating.  It could improve with a couple of weeks  where estimates get raised but that doesn't seem likely.
Exposure = 0%, same  as last week and shorting the market is a possibility.

Sentiment  Factors:
Investors in the Rydex Funds continued to hold extremely bullish  positions.  This indicator has been bearish for so long that I took a close look  at it to see if it still was worth following.  I still think it is.  Exposure =  -10%, maximum bearish position.
NAAIM investors stayed very bullish last  week.
Exposure = 5%, same as last week.
Small option buyers seem confused and  have moved to neutral.  
Exposure = 50%, up from 35% last week.
Total  sentiment factor exposure = 15%, up from 10% last week.
 
Valuation:
Percentage of  value represented by net current assets declined as the market advanced on 
Friday.
Exposure = 40%, down from 60% last week.
Comparison of bond yields to  stock earnings yields remained the same last week.
Exposure = 50%, same as last  week.
Total valuation factor exposure = 45%, down from 55% last week.

When earnings are trending down, I average the sentiment exposure  and the valuation exposure and then subtract 100%.  So (15% + 45%)/2 -100% =  -70% (or 70% short).  This is down from -67.5% exposure last week.
 
Technicals:
The trend in high yield bonds compared to treasuries is still in a very slight uptrend so I add 10%.
This week I subtract 10% because NH-NL is still negative.


Total technical adjustments are 0%  and exposure = (70%), down from (67.5%) last week.

Two week moving  average is -69%, down from -56% last  week.  

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