Initial claims are in with a reading of 348K vs. a consensus of 350-360K, down about 9K from last week.  Futures are reacting appropriately, with the YMs now up about 30 points although fair value for the Dow is about 30.  In order to estimate where the markets open, take the current future value and subtract it from the fair value.  In this case, 30-30 = 0 or a flat opening for the Dow.  My guess is we’ll see a slightly positive day coupled with solid earnings from BIDU last night most likely giving the Nasdaq a boost but I wouldn’t expect fireworks, especially with the Bernanke Put in play this afternoon and expiry tomorrow.