Bounces Getting the Swipe Left Treatment

A moderate gap higher in the market has been soundly faded, with the major averages flashing back to nearly flat as I write this. When crude oil, as well as Russia in the RSX ETF, not to mention names like GPRO, cannot even muster an oversold bounce worth a dime it is likely indicative of a changing market climate. Indeed, this may be one of those moments in the market where it is correct to essentially throw the calendar out the window, rather than using seasonality as a crutch. The UAL short idea from last night is following-through lower thus far, from Friday's bear engulfing candle, not to mention other airlines such as AAL DAL LUV look like shorts. As far as momentum longs, the pickens remain slim, with recently hot names like CALA cooling off this morning. I am still cash heavy with a few positions on, looking more at the short side than the long side at this point, though I am aware that oversold bounce in the XLE and OIH can come at any time.