Reply #11: early pre-open blather

[ozymandius]

08:00 am : S&P futures vs fair value: +3.0. Nasdaq futures vs fair value: +6.5. Futures trade versus fair value suggests a modestly higher open, perhaps finding solace in the absence of notable economic data ahead of tomorrow's FOMC meeting since the Fed has made it clear that they will base monetary policy on the incoming data. Another 1/4% rate hike is widely anticipated and the statement may change from the prior meeting, but it is unlikely that the Fed will provide much indication of the likely course for policy.