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

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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) - Get Report

, 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) - Get Report

, 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.

There's not much going on across the pond as markets in Europe await the New York open to make a decisive move, if such a move will be made today. Some say the close race in Florida, which will determine the outcome of the presidential race, may take days to sort out. The British

FTSE

lately rose 8.8 to 6475.7. On the continent, the

CAC

in Paris rose 17.5 to 6403.6, while the German

Xetra Dax

rose 9 to 7085.28.

Asian markets rose higher during the midsession, but faltered near the end. The

Nikkei 225

scraped out a win, gaining 59.3 to 15,399.6. And after being as high as 16,000, Hong Kong's

Hang Seng

ended with a loss of 166.7 to 15,654.1.

For Tuesday's postclose trading, see The Night Watch.