Last week, I said that we could look for a one day decline but with the short week, it was not likely to be much and might be reversed in the afternoon or quickly the next day. That's about it. The sentiment is very, very Bulled up. The market can stay this way and grind higher too, but if weakness develops, and triggers any stops, things can get ugly fast. Now, it's the end of the year, so chances are, there'll be a generally higher bias, but it is not a lock. TSP is saying we ought to get some selling and so is the OEX PC and the message board stuff. AAII got very Bulled up again and that's a ST Sell too. Basically there's nobody not Bullish save a few Bears in my surveys. My call for the week is for a sell off early, then bounce on Monday into Tuesday and then a decline into and a reversal on Thursday and sideways on Friday. Reminder: Given the low premiums and the higher than normal risk of any decline getting surprisingly ugly, if we turn the trend down OTM January puts might make some sense here, just as a hedge or insurance policy. They'll likely expire worthless, but if things do get ugly, they could end up being a home run.
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