IMHO, for next 2 quarters of 2008, market will rally based on assumptions FED will cut rates on Jan 18 2008 (if not mistaken) and China government will announced whether to execute its "bus system" in first or second quarter of 2008.
For local KLSE: GE likely will happen in first quarter of 2008 and probably will increase KLCI index. But that's depend on regional market sentiment.
Note: bus system = to allowed China investors to invest in Hang Seng share market.

Basically, i din play with US futures or US share market so i dun have any ideas how "bus system" will directly affect US markets. But it does affect on our KLSE HK warrants hehe ..
Note: Only for those ppls playing HK warrants, they will closely watching China news especially relate to "bus system".

If u still remembered, when China government announced the "bus system" plan, Hang Seng index shoot up from 24K++ to 32K++ in just 2 months+. Our HK warrants in KLSE shoot up in at least 10 folds. But the plan is postponed to first or second quarter 2008 so HK warrants begin drop to low price. So u imagine once "bus system" executed, will it boost our KLSE HK warrants to new high level.. hehe

Just reserved bullets at moment. Maybe it will rally once China give some good news on this "bus system". Hopefully....