Today's gap higher feels like a knee jerk reaction to the fact that its a Monday. If that is the case the bears might actually be getting good field position to mount a move lower. I am expecting a move lower to start today or tomorrow.
The fact that this week is expiration somewhat tempers my enthusiasm for a move lower. Expiration week has a way of stretching trends. That said, conditions are so extreme that I believe sales at these levels will be rewarded whether a move lower starts this week or next.