Monday has set the tone for the week I believe in stock market averages; choppy, directionless slop. Monday’s low may get tested or taken out on Tuesday, but we are closer the low for the week then the high. Expect a test of last week’s high sometime this week. If NEM (Newmont Mining gets under $34, I will buy some far dated calls.
The other stock of interest is JPM (JP Morgan). Not sure what to do with this one yet…. it is shaking the tree on both sides, as it gets rid of as many weak hands as possible before it has a directional move. Charts on both these stocks posted yesterday. No actionable advice, except don’t get sucked into a fresh short position down here. Later in the week look for higher levels. Will revisit possibilities on short side if indeed that unfolds.