I know that the GMI and GMI-R are still at their maximum levels and I should keep my long positions. But the technicals of the municipal bond ETF’s I reviewed earlier this week are so weak that I am acting to protect my gains achieved over the past few months. I have sold out most of my long positions in my trading IRA and bought some calls on TYP, in case the tech stocks break down. I am also considering buying puts on AGO, an insurer of municipal bonds. If I am wrong and the market continues to climb, I will get back in. I do not have to be fully invested all of the time. The huge deficits of the states and local governments scare me.