S&P futures vs fair value: -18.5. Nasdaq futures vs fair value: -24.8.

Still shaping up to be another round of broad-based selling as the recent bounce in both the S&P 500 and Nasdaq 100 futures is short lived. Since credit risk exposure remains impossible to quantify, and the Financial sector is representative of so much influence on an S&P 500, the expected absence of its influential leadership is likely to again be the biggest thorn in the market's side. Exacerbating the aversion to own financial stocks has been more negative news out of Countrywide Financial (CFC). The stock is tumbling 16% in pre-market action after management said "unprecedented disruptions" in the mortgage market pose a threat to its financial condition.