This would make a lot of sense, and I never considered it.
My gut feeling is that if a sell-off due to higher interest rates was in the cards, it would have already surfaced, at least to some extent. I am interpreting this business as usual feel to the markets as a very positive sign that risks going forward are being factored in and are not going to trigger a significant down-turn.
This week should be interesting. Remember how last Monday started with a big surge, just to be followed by smaller declines for the rest of the week
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And the fact that a oft-noted wise-tale is that as goes January, so goes the year. So even more scrutiny herein.
But I do like that selling the hedge positions after locking in solid year of gains theory. The question is where it goes from here.