US markets took a rest day to finish in the red Monday as investors took some profit off the table ahead of a big vote in Germany, Fed action and in anticipation of the iPhone 5 unveiling later this week. Volume was light on the day and the S&P just pulled back inside the ascending channel we are following since early June.

In the G6 Trading Room we called 2 plays, PXP failed immediately and we killed it very fast and than just waited until lunch to take a short in MMM that with a lot of patience worked into the close: