SEC has nothin to do with bitcoin, don't worry about its accouncements. Follow the bitcoin discussion part of the forum, there are topics opened, related to this.
People use the news to speculate with the price. Like it or not, people aren't going to magically stop ignoring news. But of course, nothing is guaranteed, so if you are going to take a decision do it now.
Set a short if you think the rejection of the ETF will deliver another price crash, or do nothing if you thing it will be irrelevant.
Remember that the other ETF was totally irrelevant. This one is the Winklevoss one again tho... so it may have a certain impact.
Im not selling a single coin so good luck with your short.