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Futures vs FV: +4 SP, flat NASD. futures recovering nicely off early negative levels but never really severe declines today. Foreign markets tanked 2%-3% but US is setting its own pace. Yen is fading & financial markets started to improve as it did. Current account deficit smaller (-$195.8B vs -203.5B exp) as imports shrink; that is not the great news many make it out to be as imports are a sign of US consumer health (& oil has been rising). Oil inventories @ 10:30ET (+1.6M exp). Oil 58.19, +0.26. Chips & techs in general are showing relative strength pre-market after QCOM raised its outlook Tues. LEH beat by $0.01 & financials are weak early but are recovering ground as is rest of market. After the Tues hammering there is some bottom feeding early but indices have not yet tested the early March lows. They will do so at some point & we will be watching this early bounce attempt to see if it runs out of gas. Sellers typically don't just appear for one day after a rebound attempt. Resistance: NASD (2368, 2376-79); SP500 (1389, 1400).
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