Stocks look set to carry last week's bullish momentum into this morning's session has S&P future (sp03m) rise 4.5-points to 931.90, while NASDAQ futures (nd03m) gain 5-points to 1,144 and Dow futures (dj03m) rise 25 points to 8,570.
Economic data will be limited to today's 10:00 AM release of the April ISM Services report where economists are looking for contraction with a reading of 49.0, but a slight rebound from March's 47.9 reading.
Tomorrow's FOMC meeting will be closely watched. This morning's trade sees modest selling among the major Treasury maturities with YIELDs ticking higher. The 10-year Treasury June futures contract (ty03m) is lower by 6/32 at 114'185, which the benchmark bond's YIELD ($TNX.X) rising 3 basis points to 3.943%.
A weekend Barron's article and it's poll of where "Big Money" fund managers are putting their cash to work has given a lift to a handful names in pre-market trade. Drug-maker Pfizer (NYSE:PFE) $31.55 is gaining 40-cents over the New York ECNs, while Citigroup (NYSE:C) $39.70 gains 5 cents, General Electric (NYSE:GE) $29.08 rises 17 cents and Johnson & Johnson (NYSE:JNJ) $56.64 ticks higher by 36 cents after 3 of the 4, which are Dow components appeared to be some of the "favorites" among fund managers as having bullish prospects in the month's ahead.
Companies that topped the list as being the most "overvalued" were eBay (NASDAQ:EBAY) $95.24, which adds a 1-cent gain after closing at a new 52-week high yesterday, while Amazon.com (NASDAQ:AMZN) $29.43, which also closed at a 52-week high and Yahoo! Inc. (NASDAQ:YHOO) $25.15 also grabbed "honorable mention" of being overvalued.
Fair value for the S&P 500 today is $-0.47. That price will not change during the session. HL Camp & Company has their computers set for program buying at $0.34 and set for program selling at $-2.08. Fair value for the NASDAQ-100 today is $1.87.