Though the market sentiments now are still bad, but looking at charts, i still think that a rebound is highly likely as the STI index has went out of the bollinger band and out of the trend lines that i have drawn. Hold your shorts till the index goes back into the band. It is a much safer choice in my opinion.
However don't try to go long also, i feel that the upside reward does not outweigh the downside risk, being a contrarian might not pay as the bottom is most likely not reached yet, the downtrend is still very strong!