• How much to sell?

My mavens on the floor see $185 million to sell on the close.

Consumer staples have $55 million to sell, and industrials have $45 million to sell.

In terms of individual stocks, PepsiCo (PEP) has $36 million, and Johnson & Johnson (JNJ), JPMorgan Chase (JPM), IBM (IBM) and General Electric (GE) each have $20 million to sell.

• I continue to see very little that is actionable on either the short or long side.

I am not one to press.

I continue to see very little that is actionable on either the short or long side.

Trading very small over the last two to three weeks.

• Presently, my favorite long is Monitise, and my favorite short is QQQ.

Favorite long: Monitise (MONI.L).

Favorite short: PowerShares QQQ (QQQ).

• Namely, Schwab, Home Depot and Lowe's.

I added to the following individual stock shorts today: Schwab (SCHW) at $21.80, Home Depot (HD) at $80.62 and Lowe's (LOW) at $43.91.

• Today's features are Herbalife and Green Mountain Coffee Roasters.

The short squeezes continue to grow.

Today's features are Herbalife (HLF) and Green Mountain Coffee Roasters (GMCR).

• Nate Silver says 2014 Senate race is a tossup.

The New York Times' Nate Silver is saying that the 2014 Senate contests look like a tossup.

• I agree with Jim Cramer's upbeat assessment of Citigroup.

Over on Columnist Conversation, I second that emotion of Jim "El Capitan" Cramer's upbeat view of Citigroup (C)

• Steve Cortes's technical take.

Speaking of shortingMarket Vectors Retail ETF (RTH), "Fast Money's" Steve Cortes highlights the dour forecast for UPS's (UPS) earnings and compares the share price of that company to the retail index.

Steve questions whether the UPS guidance combined with massive spike in gasoline augurs ill for retailers.

• Here are his thoughts at midday.

Midday thoughts from Sir Arthur Cashin: 

Ten year yield under 2.58 allows them to keep a mild bid with 3/2 breadth.

Friday's on-close $1.8 billion swarm raises possibilities that under-performing funds (both hedge and pension) may be considering a "climb aboard" capitulation or risk having money moved elsewhere.

Vigil of Bernanke may make that hard to read this week.  We'll watch each close closely.

Run rate slow so far.  Projects to NYSE final of 530/610.

• First time, long time.

I am initiating a short in Market Vectors Retail ETF (RTH) now at $55.10.

Below is my rationale:

• The retail sector has materially outperformed the market over the last several months.
• The U.S. savings rate is at a more-than-five-year low.
• Higher gasoline prices will press the consumer.
• Higher interest rates will cause a collape in refinancings which have historically served to buoy household income and spending.
• Look at today's weak retail sales -- expect less-than-consensus personal consumption expenditures in the second half.
• Listen to Citigroup's (C) conference call in which the bank expects weakening North America consumer business.

• Google (GOOG) turns green in the market that keeps on climbing.

• A heads up: ECB's Asmussen is saying the adjustment process to last years in Europe.

• The average Joe is under pressure.

Another sign of the failure of trickle-down monetary policy is seen this morning in pawnbroker Cash America's (CSH) weak results and earnings guidedown.

The average Joe is under pressure.

• The 10-year U.S. note yield is down to 2.55% now.

• A heads up: Banks are beginning to fail to hold onto their earlier gains.

• I am still looking for my next home run.

I met on phone and in person with 10 different company managements in the past three weeks.

I passed on all 10.

• The leaders are lagging, and the laggards are leading.

We have unusual weakness in market leaders Google (GOOG) and Priceline (PCLN) this morning and unusual strength in market non-leader Apple (AAPL).

• My first purchase of a Monster Energy drink will be my last. 

I was working in the lab late one night

When my eyes beheld an eerie sight

For my monster from his slab began to rise

And suddenly to my surprise

He did the mash

He did the monster mash

The monster mash

It was a graveyard smash

He did the mash

It caught on in a flash

He did the mash

He did the monster mash.

-- Bobby "Boris" Pickett, "Monster Mash"

Monster Beverage (MNST) has been a controversial stock, owing to questions regarding the side effects of its core product.

I did a lot of gardening Sunday morning after getting up very early in the morning, and by midday I was headed to the hardware store for more grass seed when I came upon a presentaiton of Monster Beverages as I checked out.

What the heck -- I bought a Monster drink and gulped it down.

Within 40 minutes, I was wired for sound over the next four hours or so, but I have to say I felt some thumping in my chest.

It was my first and will be my last purchase of the product.

Stay tuned.

• I am playing more aggressively from the short side for a down day now despite the near-term climb.

• The country's credit default swaps have spiked higher.

Portugal continues to be worrisome.

The country's credit default swaps have spiked higher, serving to lower stock market prices across the eurozone now.

• Goldman further cuts its second-quarter 2013 real GDP forecast from +1.3% to +1.0%.

• Otherwise quiet.

I am bidding for more Monitise (MONI.L) now.

Otherwise, quiet.

• Today's honors go to Pimco's Bill Gross.

Tweet of the day from Bill Gross at Pimco:

• The trickle-down wealth effect is simply not working for the average Joe.

Retail sales -- both headline and adjusted for autos -- were flat last month.(See below)

I don't think our monetary authorities at the Fed have a clue anymore.

If people aren't spending with home prices at five-year highs and stocks at all-time highs, the trickle-down wealth effect is simply not working for the average Joe.

Here is BTIG's Dan Greenhaus' take on this morning's economic data:

• Headline retail sales were half expectations, rising 0.4% versus the 0.8% expected. In addition, the prior month was revised modestly lower. Ex autos and gas stations, sales actually declined in June, falling by 0.1% versus a gain of 0.4% expected.
• The core measure, which matters most for GDP computations, was also less than expected. Core sales rose by 0.1% rather than the 0.3% expected. The prior month was revised modestly lower.

There was a widespread expectation that sales at auto dealers and gas stations would push up today's number. And while both categories saw sales increases, they were much smaller than expected, hence the miss on the headline number. The problem for the core number was that a number of other categories declined in the month, including restaurants, department stores and miscellaneous establishments.

The number one takeaway from today's report is that the consumer was a bit weaker than expected in the second quarter. These new numbers will weigh even more on Q2 GDP but investors have already internalized a very weak report (coming later this month). After today's report, there is a very real possibility that Q2 GDP will be less than 1.0% for the second time in the last three quarters.

• Citigroup (C) looked like a good and clean quarter.

• I have seen this for nearly a week.

I am still seeing a large buyer in Monitise (MONI.L).

In fact, I have for nearly a week.

• Deutsche Banks raises its year-end S&P target but sees downside in the near future.

A Deutsche Bank strategist raises the firm's year-end S&P 500 target from 1625 to 1675 but figure the next move of 5% or more in the S&P will be on the downside.

Go figure.

• Let's take a peek at overnight and early-morning price action in various asset classes.

Here's the rundown:

• S&P futures +3;
• Nikkei closed;
• European markets +;
• euro -;
• crude -$0.50;
• gold +$4; and
• 10-year U.S. note yield is at 2.59%.

Worth mentioning:

• Friday's market was quiet and uneventful; I expect more of the same today.
• United Parcel Service's (UPS) earnings shortfall and weak guidance gave pause to global growth bulls. JPMorgan (and probably others) downgraded the shares this morning.
• After the close, AT&T (T) acquires Leap Wireless (LEAP) at a large premium.
• I remain slightly net short. In July, I have resisted adding much on the short side because of the incessant rise, but I am growing itchy given rising valuations and, arguably, deteriorating/mixed (at best) fundamentals.
• I will be adding to my short book more aggressively in the days ahead. Look for some opportunistic short rentals.
• The big earnings news was the banks on Friday. JPMorgan Chase (JPM) didnotimpressme, but Wells Fargo's (WFC) numbers did. That said, the latter faces a housing slowdown, and I would be a seller.
• Citigroup (C) reports this morning. (The bank was the featured cover story in Barron's over the weekend). Wednesday's earnings releases include Bank of America (BAC), IBM (IBM), Intel (INTC) and eBay (EBAY).
• Bernanke has two days of testimony in front of House and Senate on Wednesday and Thursday.
• Sixty-eight contestants remain in the World Series of Poker.
• China's stated GDP releases last night were in line with expectations (real GDP +7.5%, retail sales +13.3%, industrial production +8.9%). Most will take the numbers with a grain of salt, as other metrics point to a much weaker economic picture (weak emerging market economies, poor Chinese exports to the eurozone, weakening and soft manufacturing and services indices and slowing credit creation. The Chinese stock market and S&P futures responded modestly to the data. The consensus view is that the Chinese economic slowdown largely does not impact the U.S. stock market, as it is sufficient. Consumption levels should lift relative to capital spending based on targeted fiscal initiatives, but upside to markets might be limited by China's slowing growth's restraint on global economic growth.
• Xia Bin, an economist with the China State Council's Development Research Center and government adviser, has got a lot of press of late: Arguments about whether China will grow at 7% or 7.5% are "pointless" because the economy is already in a financial crisis which may only worsen if the government doesn't address the country's crippling debt problem.
  
  Although monetary printing presses have kept the worst of the crisis at bay, the central government needs to face up to China's debt problem and brace the market for a deep and painful adjustment, he told a forum here at the weekend.
  
  "We need to find ways to let the bubble burst and write off the losses we already have as soon as possible to avoid an even bigger crisis," Xia has said.
  
  "Deep adjustment means economic growth slows as costs are paid, it means hard days, it means the bankruptcy of some companies and financial institutions, and it means reform," he said.
  
  Although Xia has a reputation for being outspoken within a bureaucracy which tends to shy away from open discussion, his views reflect growing concern within the government about the costs of the credit and investment binge that was ushered in by the global financial crisis.
  
  Xia said the government should mobilize its huge foreign exchange reserves, close bankrupt companies and encourage private investment to boost growth.
• The Fedfiesta continued on Friday. (More on the Fed and my market outlook tomorrow morning). Philly Fed's Plosser wants to stop tapering, and St. Louis Fed's Bullard wants to QE forever (owing to the threat of deflation, though I guessed he missed the +0.8% rise in the PPI earlier in the week). After the close, St.  Louis Fed's Williams called for policy moderation.
• Crisis is commonplace now in the eurozone.
• Bankers rally against higher capital rules.
• Japan's Abe looks like a big winner next Sunday.

In the press:

• From The Wall Street Journal -- John Williams' "Once Again the Fed Shies Away from the Exit Door"
• National Journalcontends that Republicans think they can recapture the Senate. 
• From USA Today -- Why underemployment might be worse than it looks.
• Also from The Wall Street Journal -- Fed Chairman odds. 

Economic data and market catalysts:

• July Empire (at 5.0 estimated) and June retail sales.
• ECB's Asmussen speaks
• Fed's Tarullo speaks on bank regulation in Washington (8:00 a.m. EDT).
• RBA minutes (out late Monday night)
• Credit card master trust numbers
• Earnings before the open -- Citigroup
• Earnings after the close -- Brown & Brown Insurance (BRO), Cintas (CTAS)

Finally, Bobby Lang and Tim "Not Phil or Judy" Collins were great subbing for me in my diary on Friday. Very much action-oriented and interesting.

• Namely, SPY at $127.78 and QQQ at $75.28.

I expanded my SPDR S&P 500 ETF Trust (SPY) $127.78 and PowerShares QQQ (QQQ) $75.28 shorts in premarket trading just now.