The market has proven all doubters wrong repeatedly and conceivably could continue to beat up any bear out there, if the recent or not so recent trend is to serve as a precedent. Having said that, there is merit to playing the odds, banking on some sort of mean reversion. The weekly chart of the broad market (S&P500) looks interesting … @ 127.2 Fib extn. of the last significant down move, with a developing bearish divergence. I’ll probably take a small position banking on a pull back.
Volatility is very low, making premium selling quite tough. Could look at strategies such as bear put spread (debit spread), or a directional calendar/diagonal (also benefiting form a pop in volatility were it to occur) to the downside.