I feel very strongly that the market will need to work off the extreme sentiment readings in the coming weeks. In my experience, January has been a time where overheated markets often see a correction.
2011 is starting off much in the same way 2010 did, with a large gap up. In 2010 we did not see a correction until after January expiration, which is quite common. I believe the market will have a tough time reaching January expiration without a correction. This year's rally has been going on longer than last year's was and sentiment is more extreme.
The fact that I am starting to feel silly suggesting that we will see a correction likely means one is just around the corner.