Not really expecting much from Alcoa ($AA) earnings and with slow economic reports the week could start off sluggish. Thursday has $INTC and the PPI followed by the CPI and $JPM on Friday. Don’t forget to check earnings dates.

The 60-day channel has been a great guide for the past two months and shows clear resistance at 127.73 and support continues to be the midpoint between the +/- 1 standard deviations.

I’d expect January options to lose some of their mojo this week as next Monday is a holiday and expiration four days later. I have a full 40% position on in short call spreads but only a 20% position on the put side and doubt that will change between now and expiration.