The Market On Wednesday

During my morning constitutional walk, I was thinking about how the market reminds me of our dog. He's a great dog and he is one of those dogs who is completely food driven. Anybody could lure this dog away with a few molecules of food. I don't even think you would have to necessarily have to possess food as long as it smelled like food.

The market responds like a dog. If it can sniff out money, it just goes in that direction.

How do we really account for this ongoing rise in equities. Some reports suggest that the country is looking at as much as a full 25% employment cut when the dust has finally settled. Even now the "real" unemployment rate is said to be around 18%. How can consumer spending not be drastically affected by these numbers.

Regardless, at 8:10 a.m. futures are ever so slightly up. All of the key criteria for another day of gains are in place and of course it is impossible to predict if it actually will go up, but...

Oil is up, the dollar is down, and key economic indicators suggest an improving economy. Add these things together and you've got market fertilizer.

CNN: Stocks set for modest gains

A report on housing starts and building permits is due to be released at 8:30 a.m. ET.

The government's Consumer Price Index, a key measure of inflation, is due out at 8:30 a.m. ET.

Reuters: Stock futures edge up on resource plays before data

The dollar weakened broadly Wednesday...

Reuters: Oil rises above $80 as dollar slips, stocks rise