A Monkey Wrench

Good morning. Weakness in overseas markets has produced a negative bias in premarket futures particularly since traders have no fresh economic data to ponder this morning. While that won't be the case later this week with the durable goods orders on Wednesday and GDP on Thursday, today traders have little to chew on other than last week's decline.

Premarket winners include VPHM, TLAB, CMTL, RSAS, TTWO, YHOO, ATVI, DYN, SBUX, SCSS, PACT, KBH, TMTA, NYER, and TASR. Premarket losers include TRID, GOLD, KRY, OPWV, PWAV, PEIX, TIE, NXG, SFE, GTE, EZM, XMSR, STKL, NTRI, PAAS, BIDU, HANS, BRCD, and RMBS.

We are oversold and with everyone looking for a bounce, sooner or later it will become a self-fulfilling prophecy. The questions that remain are 1) at what levels will this occur and 2) whether any snap-back rally will be sustained. I could make a strong argument for a snapback at these levels, but as far as the second question, that's where I'm quite uncertain. With the memorial holiday next Monday we also have a holiday trading environment coming up soon which certainly adds a monkey wrench into the mix. The market can and most likely will be manipulated by the elephants in any direction they want during this time frame as the majority focuses themselves on other things.

Between looking and hopefully finding a few small day trades this morning, I'll also be working on another random links post that I hope to have posted this afternoon. Have a good Monday!