Mind The Gap

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.

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