S&P futures vs fair value: +9.2. Nasdaq futures vs fair value: +15.0.

Both the S&P 500 and Nasdaq 100 futures market are holding steady near their morning highs. The Fed Funds rate opening at the Fed's 5.25% target for the first time in three days, suggesting the Fed may actually hold off (for now) with adding extra liquidity to the market, continues to offer some relief.

Investors are also embracing the news out of Goldman Sachs (GS), which acknowledged steep losses at its GEO fund but said it has reduced risk and received a sizable $3.0 bln investment in the fund. The market is now awaiting a conference call updating conditions at Goldman's struggling Global Alpha quant fund, which begins momentarily.