I'm saying my confidence (well, that's not really the right word, anymore) in this bull market is at its lowest point in more than 9 years. My portfolio has slowly drifted to being much more conservative, and actually has had negative deltas recently. I'm not suggesting the options activity is inherently bullish or bearish--just that its mixed and there's no clear path forward in either direction...so I default back to the downtrend being in tact and place higher value on short signals than long. ...which is a really fancy way of saying, I don't know. I'm not ready to proclaim my bearishness from the rooftops, but I'll quietly admit I haven't been at this game long enough to have a portfolio that looks like this (with respects to bear-neutral stance).