S&P futures vs fair value: +3.0. Nasdaq futures vs fair value: +3.0.

The futures market is now trading near it best levels of the morning, now suggesting the major averages may open on a slightly upbeat note. Since there is little in the way of any specific news to account for the improved disposition, especially since Wal-Mart (WMT) continues to trend lower into the opening bell (shares are now down 5%), the absence of any news involving hedge fund blowups due to the credit turmoil, and the belief that stocks still look oversold on a short-term basis, appear to be giving bargain hunters another opportunity to jump back in.