Stocks dropped on Monday as bank shares bore the brunt of investor frustration over governments' inability to solve debt crises in the United States and Europe.

With five days to go before President Barack Obama's deadline for a debt ceiling deal and no agreement in sight, Republicans and Democrats were crafting a fallback plan to avert a U.S. default.

The Dow Jones industrial average .DJI dropped 94.57 points, or 0.76 percent, to 12,385.16. The Standard & Poor's 500 Index .SPX declined 10.70 points, or 0.81 percent, to 1,305.44. The Nasdaq Composite Index .IXIC fell 24.69 points, or 0.89 percent, to 2,765.11. (commentary & photo courtesy of Reuters)

Well we didn’t keep JO very long. It dropped below its stop loss level and was sold for a –1.0R loss. That’s all part of the process and a necessary happening in this world of systematic investing/trading. The next one that is moving towards the stop loss level is the Spain ETF (EWP) followed by the Ultra-Semi (USD).

I’m still monitoring the three short RSI picks from last Thursday and Friday. They certainly look promising in this grim environment.

No new RSI buy signals today. Catch you later.