Looks like we’ll be starting the week off on a bearish note for sure. Asia was down, Europe is down and futures are off by quite a bit. Worries about the lack of progress in tackling debt issues on both sides of the Atlantic have escalated and a Chinese official warned of a prolonged global recession. Worry continues about the spread of the euro-zone debt crisis and the seeming inability of policy makers to bring it under control. Moody’s Investors Service warned that rising French government borrowing costs and an uncertain economic outlook pose a threat to the outlook for France’s AAA credit rating.

The U.S. economic calendar is fairly light Monday, with data on existing home sales for October due at 10 a.m. Eastern time. Let’s take a closer look at our positions.

SAPX – alerted at $.40 Friday I think SAPX could be heading up from here. A definite stop below $.36 with an upside goal of $.50 – $.70 short term if it picks up momentum. The main catalyst here is this stocks ability to run on hype which we’ve seen before. After a long basing period I think it could be gearing up for another run.

EK – alerted at $1.25 last week EK hit $1.38 before the dip. Should have, would have, could have locked in over 10% in one day but it appeared as if a breakout was coming so I let it ride. Stop is around $1.08 with an upside goal of $1.40 to $1.60 short term.

LOCM – alerted as it started to curl around $2.40 I like this one so long as it holds $2.20. Anything below there and I’ll need to consider stopping out and buying a different bottom. News today is fluff so I wouldn’t expect anything from that. There is excellent support at $2 if you want a wider trading range. Resistance is $2.60 followed by $3 which happens to be my short term goal.

USAT – I really like this company but it’s been a long time since I’ve traded it. Pretty good support around $1.20 I’ll be looking to add one more set of 10k shares soon and sell my position at $1.40 and $1.60 short term.

COOL – missed my 10% plus opportunity here and am not basically break even on this trade. I’ve also held this one a lot longer than I’d like and definitely learned a lesson in taking profits once again. Support is at $3 and $2.80 which there is a good chance it’ll test today before turning back up.

RENN – good news out of the company this morning and I expect the stock to turn back up from here. I’ll be looking to add 5k shares at some point with a goal of $6 per share or over $10,000 profit.