S&P futures vs fair value: +6.3. Nasdaq futures vs fair value: +9.3.

Stocks continue to exhibit a positive disposition as another day of deal making lends further evidence that liquidity remains prevalent. Sure, General Electric (GE) called off its proposed $8.1 bln offer for two Abbott Labs (ABT) diagnostics units; but concerns that GE was over paying for the businesses has the stock trading higher in pre-market action. Fellow Dow component Wal-Mart (WMT), though, is providing the bulk of early blue-chip support as its much stronger than expected June comps help counter what is still shaping up to be mixed month of same-store sales.