5 gut checks pre open

Need to Know JUNE 21, 2013 5 gut checks before the stock market's opening bell By Shawn Langlois   Good morning. Don't act so surprised. This transition was never going to be easy. Cold sweats, the shakes, hallucinations ... weaning off that yummy Fed smack was bound to be a bit bloody. So yesterday's taper tantrum , while maybe more severe than anticipated, should come as no shock. Now, after a week in which nothing else seemed to matter, we'll finally catch a break from the Beard and all the QE monotony. Of course, it's difficult to know whether these other factors will be any more stock-market friendly. First, we have quadruple witching , when various options and futures expire. These days are typically marked by an uptick in both volume and volatility. Hard to image a more volatile environment, though. In fact, in the wee hours, there seems to be a calm settling over global markets. The streak of triple-digit swings could be at risk. As for direction, history gives us hardly any insight as to what this scenario means for stocks, as the Dow has declined in seven of the past 15 witching sessions for an average loss of 0.3%, according to the Stock Trader's Almanac . Then there's China, where the headlines are reminiscent of Lehman Brothers . The People's Bank of China is, at least, doing something  to ease the country's alarming credit squeeze, but analysts contend "much more forceful action" may be needed. Elsewhere, no amount of witching or emergency Chinese cash infusions will help tech bellwether Oracle today. The stock is in a wicked tailspin after its quarterly report. Key market gauges: The U.S. stock market had its worst day since November 2011, so where do we go from here? Higher, apparently. Futures on the Dow  and S&P  are both picking themselves up off the mat. Even gold  is showing signs of life after being gutted on Thursday. Global markets are healing a bit, as well. The Nikkei  closed up 1.7% to buck some lingering weakness in the region, while Europe  is rallying on all fronts, particularly in France, where the CAC 40  is up nearly 1%. The buzz: Oracle  shares took part in yesterday's precipitous market drop, closing down 2.6%. And that's the good news. The bad news is that the stock is getting torn to shreds premarket as investors react to the top-line hiccup. Apple, our call of the day, joins Oracle on the StockTwits trending list, along with several ETFs like the Health Care Select Sector SPDR , the Consumer Discretionary Select Sector SPDR  and the ProShares UltraShort Dow 30 . Read why it was a "particularly bad day" for ETFs. Facebook  is worth watching, as well, with its stock up more than 2% on a UBS upgrade and price target hike . Now that Facebook has unveiled its own version of Vine, it's looking more and more like Twitter. And they're both looking more like TV . The chart of the day: It's like the Sports Illustrated curse. When the mainstream news touts the strength of the stock market, like USA Today did last month , best keep your stops tight. It can work in the opposite way, too. Just take a look at Bespoke Investment's "Drudge Headline Indicator" from last year. "When financial stories dominate the front-page headlines on a regular basis, it's probably getting close to an inflection point for the market, whether it's a bottom or a top," Bespoke explained. Well yesterday "Dow dives deep" was front and center on Drudge. Bottom? It's pretty clear by this chart that when negative headlines proliferate, the market rebounds. Bespoke The call of the day: Apple  has drifted into relative obscurity lately, and it's eerily quiet in the Cupertino camp. But that could change when the upcoming earnings report gives investors one last chance to buy  before the stock embarks on several years of big gains, according to StockSaints. The Seeking Alpha contributor said, "Apple's best days are yet to come," thanks to a product ramp that will kick in later this year and continue to turn heads through 2014. Cue cheering fanboys. Random reads: Paris tourist board tells locals to play nicer with visitors . If all else fails, they could try attacking them with topless protesters . The economics of eating out . While Chinese lanterns  helped solved one mystery, the plot thickens in another . Maybe the authorities should call Sally Morgan . "Mate, mister, Sir David" ... Russell Brand on treating drug addiction . And here he is causing a ruckus on MSNBC  earlier this week. Meet North West, but you can call her Nori . Congratulations to the nannies on their new bundle of joy! North West! — kelly oxford (@kellyoxford) June 21, 2013 Need to Know starts early and is updated as needed until the opening bell, but sign up here  to get it delivered once to your e-mail box. Be sure to check the Need to Know item. 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