S&P futures vs fair value: +11.0. Nasdaq futures vs fair value: +15.5.

Early indications suggest Monday's broad-based bounce will carry over into today's opening bell. Both the S&P 500 and Nasdaq 100 futures have been trading above fair value all morning but have recently spiked to their best levels after Dow component General Motors (GM) swung to a much larger than expected Q2 profit. Some end-of-the-month window dressing on the part of portfolio managers also appears to be contributing to the positive disposition as investors await the release of the Fed's favored inflation gauge -- the core PCE (8:30 ET).