S&P futures vs fair value: +7.8. Nasdaq futures vs fair value: +10.0.

Both the S&P 500 and Nasdaq 100 futures are off their recent highs, but still trade well above fair value to indicate a strong open for equities. While a sense that stocks were oversold yesterday accounts for most of the positive disposition, the absence of potentially troubling economic data is also helping clear the way for buyers to selectively pick up bargains in the wake of Tuesday's tumble. Since the Financial sector was hit the hardest yesterday (-3.2%), and is back down nearly 11% on the year, there are several brokers and banks catching an early bid. A restoration of confidence in Financials will be key to the sustainability of today's recovery efforts since a lack of the sector’s leadership