Adding one more point: the 30-year U.S. Treasury yield has hit its highest level since 2007. This takes away another leg of support for the U.S. stock market rebound. In that case, I need to take back my earlier view that it’s not the time to short. Because if the macro environment worsens, the previous plan to do a 'capitulation short' will have to shift to an 'event-driven short.'