S&P futures vs fair value: +9.3. Nasdaq futures vs fair value: +11.0.

A bullish pre-market bias persists as the futures market retraces its best levels of the morning. After closing in record territory just over a month ago, the Dow and S&P 500 still trading 6.5% and 6.8%, respectively, off those highs continue to suggest stocks remain oversold on a short-term basis. The Nasdaq is down 7.3% from its 6 1/2-year high reached on July 19. With so many investors seeking safe havens of late, as evidenced by the yield on the 10-year note plunging nearly 30 basis points in less than two weeks to 4.59% yesterday, some unwinding in that flight-to-quality trade further underscores the market's improved underlying tone and prospects of owning stocks at current levels.