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I hope everyone had a relaxing weekend. I found more shorts than longs this weekend and that seems to be a recurring trend with me lately. The market ended the week on a very weak note. On Friday Up/Down volume was about 5 to 1 on the NYSE, and the NAZZ was about 3 to 1 negative. The indices broke down last week with with the NDX holding secondary support around 1950 but the SPX broke below a key level at 1383. Cause for extreme panic? No way, but be aware. I am short XOM and UYG going into the open. The financials look like they could bounce even though I think the group goes lower. I would like some weakness in the group early tomorrow so I can maybe get ready for a long side bounce. There was a decent read in Barrons this weekend where Sy Jacobs of JAM Partners was interviewed. He has been very right for a while on the collapse in the financials and is calling for much more pain ahead. This time it’s commercial lending. I don’t like the group, but all things are a trade at some point. Take a look at the chart of LEH. It looks like a good short around $35. It should be interesting and I think we may muster a rally but I am ready to go either way. Oil as usual will set the tone