If you believe, the market could collapse and if you believe there will be no Santa Claus rally this year (which is very stat contrarian)...
Then the short is now: below key support but still close to it.
you may be right.
however: 6month is a hell of a lot of time. Draghi, the magician, has managed to stabilise markets with words since July12.... Super smart.
1 The news of the QE is there, digested and over anticipated.
2 I am not convinced a QE would work and so is the market apparently (look at japan failed start)
3 I am not even sure he will deliver (Deposit rate being negative, it is not certain banks would participate) + rates already low anyway, what's the point...
I actually think a good correction here would be beneficial for the real economy as Yellen/Draghi could push more intervention to support the real economy and the market at the same time...
Regarding QE working or not, it's not about the long term, because in the heat of the moment, you will have a surge in stock markets, just like the one in Japan, and I personally want to be long during that surge, if I can. Hopefully, Yellen will trash the markets tonight with a hawkish speech and that should stir up some risk aversion
Note though: Japan QE was surprise and the market was in bull posture. Here draghi may disappoint, be it just on the wording and the market could fall. over priced, over anticipated, hope is high... so can be disappointment in the price action.
I dont know, let's see and trade the days as they come.