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Our indicators started giving bullish signals last week, but the market appears to have gotten to the point that it is a bit overbought. However, I do think that the market will ultimately continue to rally through mid-January.

The major indices have broken out to the upside, with each of them setting new all-time highs last week, and that is a bullish sign. On the other hand, as Sam Stovall of equity research firm CFRA reports, the first term of a new president, going all the way back to Teddy Roosevelt, has seen a recession. So, I do think that market participants are overly-optimistic and that there is likely to be a larger drawdown eventually, but based on what’s happened in the past, I expect the market to remain strong until President-elect Donald Trump is inaugurated on Jan. 20.

So, today I’m recommending a call option to take advantage of the short-term upside:

Buy to open the Advanced Micro Devices, Inc. (NASDAQ:AMD) Jan (2017) 9 Calls (AMD170120C00009000) at $0.75 or lower.

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