When you short futures, essentially you have to watch your ass all the time, as you are always one eye-bat away from getting creamed. When you short stocks, you have great leeway to scale into more position.
Shorting futures means betting w/ leverage. That can play with you mind and accentuate the fear and greed.
I don't recommend it.
On the other hand, I think you are more likely to make more shorting the financials in 2007 than being long anything else. I consider myself market-neutral -- I am long gold mining stocks, but short regional banks with heavy funky mortgage concentrations.
Not advice, of course. Just opinion.
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