- Thousands of job cuts are ahead at the big banks in the U.S. and Europe, after they already announced around 100,000 job cuts this year, the Financial Times reports. This year's cuts represent around 10% of the workforce at 11 major banks in the U.S. and Europe, according to the paper's analysis.
- Greece is expected to push through the remaining reforms under its eurozone bailout on Tuesday, Reuters reports. Eurozone creditors have made the payout of the next tranche of loans to Athens conditional on Greece adopting 13 reforms; progress was discussed at a meeting of eurozone deputy finance ministers on Friday.
- French voters came out in droves at the weekend and pushed the far-right National Front party to the third place in regional elections after it had taken first place the previous weekend. Front National President Marine Le Pen wants to run in presidential elections in 2017.
- Alibaba (BABA) has agreed to buy the South China Morning Post and other media assets in a $266 million deal. Hong Kong's leading English-language newspaper reports on issues and topics that are considered sensitive in mainland China, where the websites of several international media are blocked.
- The U.K. government is considering nationalizing the nuclear submarine business of Rolls Royce (RYCEF) among its options to protect its interests, as the company is trying to recover from five profit warnings in less than two years, the Financial Times reports.
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I am selling puts with the willingness to own some names much lower.
Sentiment Data Still Suggests Too Many Bulls Currently
The lows of the day are the key technical level now as that is likely to be where some stop losses will be set.