Preopen Trading: Futures Gain Despite Uncertain Presidential Election Results

Put away the hammer there, sluggo. Nothing has been nailed down.

It seems like the entire world is holding its breath while the Presidential race sorts itself out. European markets were rather tentative and positive. Futures in the U.S. looked higher and were gaining some ground as the opening bell in New York approached.

S&P 500 futures that trade on Globex were up 3 to 1447, about 7 points above fair value as calculated by Prudential Securities. Nasdaq 100 futures, which track large cap tech stocks, were up 16.5 to 3330.5, about 28 points above fair value as calculated by TheStreet.com. Fair value helps gauge how stocks will trade in early action, and today they are pointing to a positive open.

Over on Instinet, an electronic exchange where stocks continue trading even when the regular markets are closed, trading seems to favor a George W. Bush win. Microsoft (MSFT Quote), which many believe would benefit from a Bush presidency given the historical Republican tendency toward leaving big business alone, last traded at $72, some $1.50 higher than where it closed yesterday. Tobacco giant Philip Morris (MO Quote), another company that is expected to get a boost from a Bush White House, last traded at $36.38, $1.13 higher than its Tuesday close. ...