This market looks extended to me after the post-election gap up (see daily chart of Nasdaq 100 index ETF, QQQQ, below; click on chart to enlarge.) I have sold calls on my position in QLD (Ultra long QQQQ ETF) and am not adding any new positions in my IRA trading account. I would not be surprised to see some weakness between now and the end of December. Near the end of December we could see strength from end of quarter window dressing by mutual funds and from expectations for the release of 4th quarter earnings. Nevertheless, the GMI and GMI-R remain at their maximum levels. With the market in a longer term up-trend, I remain fully invested in mutual funds in my university pension account.