29Aug10:42 amEST

Begging for a Bailout from Dennis Rodman

As you may know, the idiosyncratic former basketball star Dennis Rodman remains one of the few Americans welcome in Kim Jong Un's North Korea. With this in mind, the hostile acts of North Korea last evening may very well compel Mr. Rodman to make another trip and try to smooth things out, surely a sing of a world on tilt. 

Nonetheless, equities are fighting back valiantly after a decent-sized gap down. The Nasdaq was down big pre-market, but is now nearly back to flat, as is the Dow. And small caps in the IWM ETF continue to hold above the $136 level.

Despite retail winner BBY needing a reset now after an earnings selloff, bulls are likely taking solace in the lack of meaningful downside this morning in equities, as a whole. 

One has to wonder, indeed, whether the timing of the North Korea missile launch over Japan may have been blunted by the pre-Labor Day holiday drift we typically expect to see this week--Many traders are likely on vacation until at least the middle of next week if not the week after that. If this had occurred in late-September, perhaps the calls for a bailout from Dennis Rodman would be growing louder. 

In the meantime, we are looking to see if sellers attempt to launch a counterattack of their own off this morning bounce, for that may very well catch some opening dip-buyers off balance. 

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