Hope your holidays are going great.
Now is your last chance to do some tax trades for the year and capture some losses. With funds it's very easy to avoid having to deal with the '30 day wash' rules. The Blue Meanies say you can't sell a particular security and buy it back in less than 30 days in order to capture a loss for taxes.
That's OK. You can sell one Equity Income mutual fund now and buy a different EI after the tomorrow. Not a problem because they are not the same security. Where you get caught is selling JPM today and buying JPM within 30 days. Funds are neat because while being essentially very similar but not the same security.
Now, I am going to venture a guess and opine that we've all got some losses during 2011. Why not use them to your tax advantage.