Traders are looking at a slightly higher open for stocks after reports out of Iraq that the U.S. "bunker-buster" bombs had targeted, and may have hit, key Iraqi leadership, including Saddam Hussein and two of his sons at a residential building in Baghdad.
Stock futures are off their best levels of the overnight session, but marked higher with S&P futures (sp03m) gaining 4.3 points to 881.20. NASDAQ futures (nd03m) are higher by 4.5 points at 1,055.50, while Dow futures (dj03m) are gaining 31 points at 8,285.
Fair value for the S&P 500 today is $-0.82. That price will not change during the session. HL Camp & Company has their computers set for program buying at $0.26 and set for program selling at $-2.46. Fair value for the NASDAQ-100 today is $2.90.
While stock futures see gains in the pre-market, Treasuries are seeing buying across the major maturities with the 10-year YIELD ($TNX.X) slipping to 3.972%. I would think equity bulls want to see the 10-year YIELD ($TNX.X) hold above a little "zone of support" from 3.945%-3.963% for the major indexes to hold their current levels of trade. This morning's buying in Treasuries is somewhat defensive considering the news out of Iraq that Saddam Hussein and two of his sons may have perished in the bombing.