Don't know about the bears but I am still holding my EEM puts and long ES at 1515.75 as a hedge. I will close the puts out if we make new highs but I doubt we will. The seasosn favors the short side now and so do market internals.
What worries me about my EEM short is that JPY is not budging at all. Not a tad. Will probably go long again EEM Monday
Worries me too but on the other hand it hasn't sold off either and this week is the start of the expected outflows from Japan based on the bonuses. I want to go short the Yen but am not convinced the dip is over just yet.