While not at extreme levels, the market is starting to get a little overbought. The T2108 reading is above 70 and many individual stocks are posting stochastic readings near 70-80.
While not making any big bets yet, I took a small probing position in FAZ (entry at $35.09), which gives you 3X leverage short financials. Price is near support and stochastics are starting to get oversold. My stop is in place under the price support level.
I also took partial profits in my oil trades, DXO and USO. Stops have been moved up to entry level.