The US market is overbought. There are high expectations for the market to continue to rise over the next three days and those expectations are reflected from last week’s buying. Trading will be light and it’s hard to imagine the powers that be will allow 2014 S&P gains in the low teens to disappear. Outside of the major averages and bonds (very few predicted the bond rally), most styles had a poor year (international stocks, metals, energy, etc.). Fortune magazine wrote a great piece on this year here:
There are no significant short-term edges today on the long side.