Adding to the sentiment extreme, the market will be overbought at the end of the day today. I have written at length about how I loathe going short at the end of the year and thus far it has been a very good decision not to go net short. However, one out of four times the market does go down at the end of the year. Given all the extremes we are seeing I believe we are in year four. I plan to use the volatility surrounding the Fed meeting to establish a net short position.