As discussed at the end of last week I have some positions on from Thursday and Friday. I am straight long the calls on Chevron from the stock at 156.00. I am long IBM via a bullish slanted calendar diagonal call spread from 181 on the stock. I am in Paypal out of the money Calendar spread that has a bullish bias from the stock at 62.50. And I have some short term plays in SPY calendar spreads as I expect that the 500.00 level in the SPY will be traversed several times in both directions this week.

The chart arrow on the attached chart means sideways around the green line. So I will roll the short SPY call every day against the long call a little further out. I think JPM is a couple days ahead of the rest of the market so watch that for clues. Overall chop hard back forth with some violence I suspect until the second half of week when we start getting earnings reports on the big names.