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Pro: It's Time to Short the Market

Finally!

The S&P 500 index closed at an all-time high on Thursday and we have been waiting for this technical level to print for some time because it finally allows us to be comfortable in getting short.

We feel that a pullback can now happen — even though the real chart-watchers would really prefer to see the S&P make an all-time intraday high at 1,576 before they get short.

(Read More: Stocks Off Lows, but Weak ISM Data Weighs)

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Selling into this potential last surge should time well, as the nonfarm payrolls coming out later this week could prove to be a negative catalyst. In addition, European economic struggles could mean a surge in volatility.

Finally, while it's true that stocks are below their ten-year average price-to-earnings ratio of 16.6, stocks have never before in their history enjoyed this much global central bank intervention over a six-year period. Central bankers have cut interest rates 503 times, and injected $11.6 trillion into the system during these past six years. So while stocks may be cheap, they will be cheaper soon, when worldwide qualitative easing contracts

Our initial target in the S&P futures is 1,525, but we think we will see 1,470. This will test those who have been expressing an intention to "Buy the Dip."

Read on for 10 Things You Need to Know to Trade Futures

By Jeff Kilburg, a professional trader and guest trader on CNBC's "Futures Now"

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