The Santa Claus rally is in full swing as the Dow gained 106 points on very light volume.  The advance/declines were positive.  The summation index continues to the upside.  Overbought to the extreme for the major stock indices.  I did place an order for the SPY January puts and I'm leaving it open overnight.  Going parabolic in the S&P at this point but you just don't know when it will end.  it always ends badly though.  I don't know how long this will last and I'll probably be early with the puts.  However I'm getting a solid sell signal from an indicator that usually works and doesn't give a signal that often.  That is why I'm confident that the SPY puts will work here and if not, then in the February option cycle.  GE was up a few cents and the volume remains light.  Gold continues higher as the futures rose a dozen.  The US dollar was slightly lower.  The XAU was up 1 3/8, while GDX added 3/8.  Volume was good.  Due for a rest now for gold and the gold shares.  My GDX January calls are showing a nice profit.  I do believe that there is further to go on the upside here in the next three weeks.  We'll see about that.  Mentally I'm feeling OK.  Light volume and higher prices as holiday mode on Wall Street is in session.  We're hitting new all time highs on a daily basis with seemingly nothing stopping the rally.  Perhaps we can continue higher into the beginning of the new year next week.  I'll all for trying the SPY January puts here but not exactly sure on the timing.  When things get like this, there is no telling how high we will go before reality sets in and the drop begins.  I'd like to somehow take advantage of that.  The light volume is another indicator of just how precarious this levitation is at this point.  So I'll leave in my open order for some puts and see what happens.  What was open in Europe and Asia was higher overnight.  We'll see how the week closes tomorrow.