Editor's Note: A trader that I respect once told me that he felt "like a long tailed cat in a room full of rocking chairs." This about sums up how I feel right now as the market is being driven by news. I suggest focusing on managing positions which are doing well in our model portfolio. More plays will be released as the week progresses and we have a better sense of market direction. I have listed one short trade idea below that has potential.

PH – Formed a large bearish engulfing candlestick. Short below $67.00 (or possibly on a bounce) with a target at the 50-day SMA. The position needs to be managed with tight stops in case of a reversal back to the upside.