Reply #26: pre-opening blather [View All]

[UpInArms]

9:15AM: S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: +1.0.

9:00AM: S&P futures vs fair value: flat. Nasdaq futures vs fair value: +1.0. Stage remains set for the cash market to open with little fanfare as the futures market continues to vacillate around the unchanged mark... Companies in focus this morning following some notable ratings changes include upgrades on LU, FPL and DPH while GDT, SVU and ATYT have been downgraded

8:30AM: S&P futures vs fair value: +0.2. Nasdaq futures vs fair value: flat. Still shaping up to be a relatively flat open for the indices as futures indications continue to trade with a tinge of caution... Meanwhile, Banks should be in focus amid more management turmoil at Citigroup (C) and reports suggesting that Wachovia Corp (WB) is a front runner to acquire WFS Financial (WFSI)...

Retail could be also be in the spotlight again as Target (TGT) sees Aug. comps at high end of its 4-6% range while Q2 revenues at Williams-Sonoma (WSM) missed forecasts and Pier 1 Imports (PIR) issued downside Q2 (Aug) guidance

8:00AM: S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -0.5. Futures market versus fair value suggesting a lackluster open for the cash market as investors wait for the day's only economic report to perhaps set a more definitive tone to trading... At 10:00 ET, July existing home sales (consensus 7.25 mln) will be released... Meanwhile, a lack of notable earnings reports and corporate news is also contributing to subdued action in pre-market trading