Yes, that is correct. Bulls and Bears can also make money.
Perhaps this is only in the crazy American market. 

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Added on August 13, 2009, 1:37 am

Yes, that's unfortunate. US Fed may not decide raise interest rate until for another 3-6 months.
Even if it does, it will be like 0.25 pts. I see US may want to continue this "quantitative easing" for quite some time until their economy mends.  At this moment, have to buy/sell stocks and hope for capital gains instead of putting in FD for now.
Update:

DJ 9361.61 +120.16 +1.30%
NAS 1998.72 +28.99 +1.47%
S&P500 1005.81 +11.46  +1.15% 

Am I happy today because of stock rises? No.
Because I  knew the bulls can't hold at the top, at closing, DJ gave back 40+ points.
I've shorted at near the top, and covered at closing to take some profits.
Thanks Mr. US Fed! 

This euphoria may continue on for now. IMO,  the higher it goes, the wider the swing, the further it may drop. 
We will see a double dip later.