Taking Some Short Term Profits

The stock market has had a strong run up during the past two months but this upward move seems to be slowing down a bit here. While the long term macro economic environment remains favorable for the market, it may be prudent here to take some profits.Some of the signs pointing to the short term market weaknesses are from the uncertainty on the market's reaction to the aftermath of the US mid-term election, technical indicators which are overbought (stochastic and MACD) but now starting to turn down and overwhelmingly bullish sentiment from small investors. I'm not looking for a major decline since my market timing model is still indicating a positive long term trend but look for a quick, smallish 5% - 8% pullback to the 1,100 level for the S&P500 index.