Morning Pre-Game: Friday 05/19/2006

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Economic Data:
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Earnings Today Link

Futures:
09:15 am : S&P futures vs fair value: +4.2. Nasdaq futures vs fair value: +10.2. 

09:00 am : S&P futures vs fair value: +4.6. Nasdaq futures vs fair value: +10.8.  Still shaping up to be a modestly higher open for the indices as futures indications remain comfortably above fair value. Despite very little in the way of news other than Dell to set the tone this morning, the fact that selling has extended beyond a fundamental reaction to an extra 0.1% on the core CPI and left stocks at very reasonable valuations, this could be the market bottom many on Wall Street have been looking for to get back into stocks. 

08:30 am : S&P futures vs fair value: +3.0. Nasdaq futures vs fair value: +9.0.  A sense that the market is oversold on a short-term basis continues to underpin a positive early tone and signal a higher open for stocks.  The absence of notable economic data, which has somewhat silenced activity in Treasuries, places even more emphasis on Dell's news and the impact it's having on the influential semiconductor space. AMD shares are still up more than 9% while rival Intel (INTC), Dell's sole supplier for 22 years, is off about 5.0%.

08:00 am : S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: +8.8.  Futures versus fair value suggest the cash market will again try to regain some upside traction following several days of consolidation. Providing some early support, especially helping the Nasdaq get back on track following 8 straight declines, is Dell (DELL), which is up 4% in pre-market trading amid a $3 bln restructuring and a shift to use some AMD chips which could improve profits.
http://finance.yahoo.com/mo

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