I am not sure what you mean by cowardice? If you think going against the market bulls somehow makes you a hero then go ahead and load up on the short sp500/dj30. In fact why not the ASX200, this one is definitely caving in now?
Personally it is a very simple binary. Price is price, if there are more buyers than sellers then I am in the buyers camp and vice versa. I'll leave the hero BBQ gloat on how you shorted the market at the most opportune time because the market was stupid blah blah.
Your mate Schiffy started in 2006, had 2 black eyes before he was right. A further 7 years of black eyes and he is still wanting to stand up against Tyson continually bashing those eyes!
