A short week coming up with Thanksgiving on Thursday. As I am sure you have heard a number of times — and with good reason, because it is true— overbought or over extended are relative terms, and strong trends don’t pay them any heed. Certainly these sign posts of strength are arguably more reason to be intermediate term bullish then they are to be short term bearish.
So while some consolidation is to be expected, there are in my view too many shorts still wrong footed in this market, meaning that they just provide the fuel to go higher. One stock I like here is Pepsi per attached chart. Under 166 looks like a decent place to try a long call option position.