Although volume was lighter, there was no lack of catalysts this Monday morning to get the month started on a bearish note. Europeon bank weakness spilled over the pond with a string of broker/dealer downgrades and target revisions, followed by S&Ps reduced credit ratings for Lehman, Merrill, and Morgan Stanley.

Looks like our mini H&S top on the NASDAQ is finally taking shape. Tomorrow I'll be watching the 50 SMA on the intraday chart to hold as resistance.

I noticed that there are no shares available for shorting GRMN on IB. I also see that it has carved out a bullish three point base (looks somewhat like an inverted H&S bottom). Could be a short squeeze here, so keep it on the focus list.