S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -8.5.

Not much has changed since the last update as a negative bias persists in pre-market trading. Bear Stearns' (BSC) actions to hopefully stave off a crisis continue to stir up memories of the 1998 bailout of Long-Term Capital Management. The influential Technology sector is also in focus this morning; but also for the wrong reasons. Of the three S&P 500 components being removed next week -- PMC Sierra (PMCS), ADC Telecom (ADCT) and Sanmina-SCI (SANM), all are tech stocks.