PRE OPEN

Futures are trading near fair value as everyone awaits the first trading day of 2008 to start.

In the news:

Crude and gold are starting the new year as if the prior one never ended as oil is +1.75% and Gold futures are higher by 1.4%.

C downgrades REIT's including AVB CPT DRE GGP KRC and O;

YHOO upgraded to BUY at Think Equiy;

DB ups managed health care including AET UNH WLP CI and HUM;

JEF picks MXIM as their top Mid Cap pick for 2008;

C upgrades AMZN to BUY with a $119 target;

BAC downgrades the SEMI group;

ThinkEquity picks DGIT and GIGM as tops for 2008;

Gapping up- CNX CNP NLS CEF ASTI NED LDK BVF GMO FSLR HUM CROX HOKU AMZN YHOO BRCM;

Gapping down- DISH PAY PHH CNTY RESP AMD TISI INTC SBUX UNH TXT;

RSI (2) levels starting the year:

SPX 16

DJIA 10

RUT 12

NDX 13

NAZ 12

MID 12

And lets see how long Mike Hucleberry can stay in the race.