Friday's gap lower was based on bad economic news and in the context of a positively stacked pivot condition. This mornings gap is based on concerns about the financial condition of Europe and the pivot stack is negative. I'm not sure that I'd say the news is what makes today different as much as the pivot stack and the fact that gaps down today are not as likely to be against support as strong as Friday.
The gap is big enough to consider fading it but be very selective buying weakness. I'd focus on the stocks that are positively stacked first for longs. The include all the primary focus stocks, plus AAPL, KLAC, ACOM and VHC.
For shorts, the gap lower will make it hard to avoid selling down, I'd be careful about that too. Let's see how the OR's line up.
~Long Focus~
CELG
POT
VMW
WYNN
~Other Long Charts of Interest~
UNH
AET
ILMN
AMZN
PLCM
NFLX
VHC
CRM
BIIB
BIDU
BWA
WYNN
LO
AAPL
ACOM
KLAC
AAPL
~Short Focus~
WHR
MTL
SNDK
VMC
~Other Short Charts Of Interest~
CREE
LRCX
MHS
VECO
SNDK
BA
DE
SINA
MOS
SMG
ARW
