S&P futures vs fair value: -4.2. Nasdaq futures vs fair value: -6.2

Wednesday, February 27, 2008

Futures indicate a modest pullback, which is understandable after three straight sessions of healthy gains that have sent the stock market into positive territory for the month of February. Market participants are awaiting Fed Chairman Bernanke's testimony on the economy and monetary policy at 10:00 ET. In corporate news, the European Union has fined Microsoft (MSFT) $1.35 billion dollars, the largest EU fine ever, according to reports. The dollar continues to slide as the euro crosses the 1.5 mark for the first time. This is spurring some buying interest in gold (+14.30, 963.20), which hit an all-time non inflation adjusted high of $967.70 per ounce earlier this morning.