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ES futures are currently down over 16pts @1317.75 in the overnight session.
Hang Seng Index is currently down over 1200pts, or over 5% in the Asia trading session.

Market moving events on tap this week:
Monday:
New Home Sales, 10am
SNDK and MCD earnings after market close

Tuesday:
Durable Goods Orders report, 830am
YHOO reports after mkt close.
CFC reports after mkt close.

Wednesday:
MRK and BA earnings report before mkt. open
ADP Non-Farm Payroll report, 830am
FOMC interest rate statement, 215pm

Thursday:
GOOG earnings report after market close.

Friday:
ISM Manufacturing Index, 10am

4 daytraders (dehTrader, HPT, Boogster, and boltar1) blew up their accounts last week.
$VIX is swinging wildly but maintaining the general uptrend.

Suffice it to say that it's time to be cautious this week. The edge in going long has been all but wiped away with the way the overnight futures are currently trading, and going short just before the FOMC meeting is not such a good idea either. I'm not seeing anything setting up for a swing trade (except maybe gold stocks), so I will wait for the trade setup to come to me.

Speaking of gold, Gold Futures, on the other hand, is up over 9pts @920.5 in the overnight session.



Most of them look ready and primed to re-test their highs from earlier this month.
This could be the last bright spot in this treacherous market.