7 gut checks pre open

Need to Know AUGUST 21, 2013 7 gut checks before the stock market's opening bell By Shawn Langlois   Reuters Good morning. The Fed minutes -- a garble of tedium to most of the world -- will totally transfix market geeks this afternoon and, for better or worse, help traders chart their course over the next weeks and months. Short-term flippers have to be wary of the quick retreat that has often accompanied the releases of late. For investors with a longer-term view, any market-performance trends are a little tougher to spot (more on that below). Given the downward direction for futures on Tuesday, the market is clearly still extremely vulnerable to fears piqued by the rising rate environment and, of course, the thundering approach of the taper. Throw some nuclear water, a wheezing Indian economy and proliferating chaos in Egypt into the mix, and stock gains get tricky. But why concern ourselves with all that today? It's all about the minutes. The rest of the noise will hardly be heard. Key market gauges: Stocks stumbled in Asia , where word of highly radioactive water swirling around Fukushima reopened old wounds. The Nikkei , however, bounced off the lows of the day to end slightly higher. In India, the Sensex finished at its lowest level in nearly a year, while the rupee  also hit another record low. European stocks were down midday there, while futures on the Dow  and the S&P were in the red. The economy: The FOMC minutes hit at 2 p.m. Eastern Time. Investors will be sifting through the pages, seeking comments on the logistical issues involved in how the central bank will go about tapering  its asset purchases next month -- something many expect to happen. Before that, we'll get a fresh reading on existing-home sales . Earnings: In addition to those sales numbers, home builder Toll Brothers and housing-related retailer Lowe's is shedding some light on the state of the housing recovery. Toll posted sales growth and talked of a recovery that's "real." More good news came from Lowe's, whose profit beat views and which said it'll open 10 more stores. On the downside, shares of Staples  took a dive preopen after it posted slumping earnings on weak overseas sales and cut its view. Target   said its profit fell 13% on the cost of expanding in Canada. That'll teach 'em. The buzz: If the tech sector is to log gains today, it'll have to overcome some lackluster action in chip maker Analog Devices   and software provider Intuit , both of which fell late Tuesday on disappointing earnings reports . Shares of both continued to slip on Wednesday. Surely, Bill Ackman was sad to hear about the Herbalife  guy's suicide . Through his grief, Ackman found the strength to explain how the death could spell trouble for the company. Which, of course, would help him stem losses in his short position. The Indian rupee  was a big theme in yesterday's gut checks, and given today's pain, it's not going away. Read how the currency's struggle is impacting foreign countries . The chart of the day: John Kicklighter, head of DailyFX, tweeted this chart of how the S&P has performed since last November in the wake of each of the FOMC-minute releases. He said it's "like a shark fin in the water." If you see a pattern, let me know. Best I can tell, there's usually a gap down before a rebound by the time the next one rolls around. But less than a year does not a trend make. DailyFX The call of the day: What's more expensive than Google  and Facebook , yet poised to outperform the both of them? Amazon.com , according to Profit Confidential's George Leong. Don't let the lofty valuation deter you, he says, because Amazon is on its way to becoming one of America's top companies , and the stock will continue to pay off. It's becoming all things to all people, and no Netflix  or Wal-mart  can change that. "I wouldn't bet against Bezos," he said. Random reads: "Connectivity is a human right," that do-gooder Mark Zuckerberg says, and Facebook  plans to do something about it . AC Milan's Mario Balotelli is good, maybe even great, at soccer, but he's an absolute freak show wrapped in a tornado off the pitch. Read about some of his wacky antics , which include him giving away his camouflage Bentley to a teammate. Store clerk in critical condition after trying to stop thieves from taking life-size David Hasselhoff signs . A car that rolls up in a ball , like its "namesake leathery South American placental mammal." "Wearing only underpants and high on drugs, he danced on a wing, sprayed foam around and pushed cockpit buttons." That Angela Merkel sure knows how to throw a party, though she missed out on the one that just took place on her jet . 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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