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Where's the Love?

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I thought Heads& Shoulders were supposed to mean NO more tears?

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Wars going on across the seas
Street soldiers killing the elderly
Whatever happened to unity?
It's like tht, and that's the way it is

(Run DMC)

It's Freaky Friday, boys and girls, and you know what that means--our requisite two-day respite is within spittin' distance. Before we saddle up and turn our attention to the important stuff, however, we've got seven more hours of flickering ticks and we'll need to stay particularly sharp. There's a lot going on, all over the world, and it's up to us to decipher the noise from the actionable catalysts. Let's take a look.

The New York Times reports this morning that U.S spy satellites over North Korea have detected what appear to be trucks moving the country's stockpile of nuclear fuel rods out of storage. This is prompting speculation within the government (and on trading desks) that North Korea is preparing to produce nukes--which, if you're wondering, would not be good for the stock market (or anything else for that matter).

These types of geopolitical concerns--Iraq, Latin America, North Korea--have the potential to supercede the historical guides that we use to trade stocks and we need to factor that into our mix. With the global landscape so fragile and jittery, we can still play--we just have to be extra tight with our risk parameters. These are trying times, my friends and, as such, we need to try a little harder.

AMAT just painted the tape with a preannouncement and that's turned the pre-morning futes to the south side. This is exactly what the SOX didn't need--it already confirmed the head and shoulder break yesterday...not it's got this hump to deal with! Technically speaking, there's no discernable support until the October lows in the S&P, SOX, BKX and NDX. Yes we're oversold (bungee) and sure, the stochastics are pretzel twisting, but that only means that WHEN we bounce, it should be vicious--these tools offer no insight as to when.

I'll be keying off of the same tells as yesterday and I'm factoring in the Friday effect (will traders want to carry exposure over the weekend?). There's a couple of big numbers at 9:50 and 10:00 so keep half an eye on the newswires as we trudge our way through this muck. Deep breaths, cookie, and think positive.

See you after the opening.

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