Eager Beaver Buyers Remorse

Well, it is the first day of the month and a Monday, what did you expect?   A gap down and rush lower?   Of course we got the typical gap up and thrust higher in the first hour.  But that's all this market has got.  This market looks dead tired, it doesn't have energy on the upside, all the up moves seem forced and they don't last.  The euro has also lost steam and that probably was a sign that hedgies were selling into the rally this morning.  It is probably a good time to position oneself short for the potential downside later this week after FOMC.  It seems destined to happen looking at the price action and complacency.