Reply #23: pre-opening blather [View All]

[UpInArms]

09:15 am : S&P futures vs fair value: +8.2. Nasdaq futures vs fair value: +14.5.

09:00 am : S&P futures vs fair value: +7.3. Nasdaq futures vs fair value: +14.0. Still shaping up to be a higher open for equities as investors continue to embrace better than expected earnings reports. With more than two thirds of the S&P 500 having already reported and a 12th straight quarter of double-digit earnings growth almost in the books, investors for now are looking past potential inflation indicators (i.e. higher oil prices), which could lead to another rate hike before the end of the year, in favor of attractive valuations as a result of continued profit growth in a flat market.

08:30 am : S&P futures vs fair value: +7.3. Nasdaq futures vs fair value: +13.5. Futures indications continue to strengthen, signaling a sharply higher open for the indices. With the Fed decision out of the way and dated June Wholesale Inventories today's only economic report (10:00 ET) and one that rarely impacts the market, investors have refocused their attention to earnings. Two more blue chips topping forecasts and helping solidify a strong start for stocks are Dow component Walt Disney (DIS) and Federated Department Stores (FD).

08:00 am : S&P futures vs fair value: +5.5. Nasdaq futures vs fair value: +9.2. Early indications suggest that stocks will regain some upward momentum following yesterday's decision by the Fed to leave rates unchanged but leave the door open for more hikes; both the S&P 500 and Nasdaq 100 futures are trading above fair value. Cisco Systems (CSCO) surging 9% in pre-market trading is providing the bulk of support this morning as its better than expected Q4 report and reassuring FY07 revenue growth outlook offers some reassurance for the struggling tech sector.