First, let me say that everyone has to do what works for them in the market. I've seen some bears over the years do extremely well in bear-markets, and then make a little whilst the markets are bullish. Vice versa, I've also seen bulls make a killing whilst markets are roaring and then squander winnings when the bears are in control. One thing to remember is that a stock can only drop a hundred percent, but upwards it's potential is far greater (think GOOG or AAPL). Thus, I prefer to be long instead of short when we're talking about long-term investments. For short-term trading, say intraday, this isn't important at all unless you're talking about stories repricing a stock in the span of a day.
Yes, intraday only... I am also inclinesd to think that after a runup, the psychological power of feeling pain, is more powerful, than the thrill of making on a long... hence when a stock starts to drop on heavy volume, more people pile in.