Before the Opening Bell

S&P futures vs fair value: +1120 at 912.60. Stocks are all set for an early morning rally at the stock exchange today. Participants of S&P 500 managed to ignore the MBA purchase application data which came around 7am. The index came to 258.8, down from the prior reading of 285.6. The Mortgage Banker's Association compiles various mortgage loan indexes. The index shows the applications at mortgage lenders. These falling numbers, however, shows that, in spite of the falling home prices and low rates, job conditions and credit conditions are still the main issue.

Meanwhile, Consumer Price Index, CPI, data was released earlier today. The June 0.7 % change was in-line with the expectations. The higher gasoline prices and better new and used vehicle sales was unexpected, as economists were expecting a decrease in July.

S&P is still pointing to a higher start.

The July options are expiring this Friday. VIX is expiring next Wednesday.