I recently posted some basic wealth-lab scans that point to strong results buying vs. selling in downward market. http://thetradingdigest.com/blog/2007/04/03/8-down-days-in-a-row-buy/ http://thetradingdigest.com/blog/2007/04/04/shorting-8-straight-up-days/ Take it for what it's worth.
The question was could a long only system do well in a DOWNTRENDING market. Look at the equity graphs I posted . The greatest return was during 2000-2002 bear market.