The trading is great. I was disappointed by the recent failure to break out above 5.50 as it left more than half ( in total dollar terms ) of my short orders unfilled on Bitcoinica. On the other hand today's dip was a fine time to take profits from shorting I started above 5.
Long term, short is the place to be, if there wasn't a place to short bitcoin I wouldn't be messing with it at all.