S&P futures vs fair value: +5.7. Nasdaq futures vs fair value: +8.2.

S&P 500 and Nasdaq 100 futures are off their best levels but still trade well above fair value, indicating a higher open for equities. Aside from temporary relief regarding subprime woes, the market is also exhibiting a better bias ahead of more economic data that is likely to, at worst, keep the Fed and its tightening bias sidelined for the time being. Yesterday's troubling report on Existing Home Sales report should place added emphasis on this morning's New Home Sales data while investors at 10:00 ET will also digest an update on Consumer Confidence.