A lot of you guys saying that the market will rip up are all just hoping that the market will go up. Look at the probabilities here. If one bad thing happens, the market is not going to buy into it. You guys are so biased to the upside. The "unthinkable event" is not going to be a good one, but that is just what you are insisting when you say that the market will rip up.
I honestly think that the most prudent investor should be selling all rallies and shorting any pops in the market, and just in case of any very short term upside takeoffs, investors should protect their shorts with calls or some sort of hedge to protect yourself.
Look at the payout here, if the market goes up, it isn't going to go up that much. If the market goes down, the market will fall apart. That is why I think that investors should have short positions with VERY TIGHT STOPS and/or call options or some sort of hedge. There is just too much money to be made if the market falls apart, and not that much to the upside.