Friday, positive GDP news was released helping the market move higher early in the day. The days gains were short lived as profit takers liquidated their positions prior to the weekend. The Dow, NASDAQ and S&P closed lower on the trading session.

There are a few important pieces of economic data on the economic calendar today. Personal Income and Oulays reported above the concensus, Construction Spending and ISM Mfg Index are due out at 10:00 this morning. The yield on the 10-year is currently 5.07%. Crude oil is trading a bit higher at 72.30 this morning, but still well under the 75 highs. Gold continues to rise into ranges we have not seen in 25 years, currently 662 per ounce.

There are still several earnings reports due to be released this week. So far, it is clear that last quarter was an all around good one. U.S. stock futures are trading higher this morning, which is typical for a Monday morning as long as no major catastophe occurs during the weekend.

KLA-Tencor Corp (NASDAQ: KLAC) has been trading relatively weak to the market as of late. the weakness could continue, but it will have to pass through support at 48 first. If KLAC is able to make its way through 48, it will likely continue lower.

The trouble started with resistance at 50. KLAC made several attempts to pass through the 50 res, but was unsuccessful. As long as RSI levels are not too low and KLAC is still showing relative weakness, this stock is a good intraday short candidate. Keep in mind, the 48 support must be surpassed first.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.