The Market On Wednesday

At 8:00 a.m. futures are moderately down. The dollar is up and the price of oil is down. Also Bank Of America showed fourth quarter results that were far worse than expected. Are you sad yet? Add to this mix a reshuffling in the Washington D.C. power matrix with Brown inconceivably winning Ted Kennedy's old senate seat and we have a problematic morning to contend with on Wall Street.

Hey I thought the thing would tank yesterday and it rose over 100 points on Tuesday so dare I make the apparent conclusion that the DOW and S&P will sink today. Nope, will not do it, because in the season of quarterly results something, some data could come along that changes the game fast.

So I will say this, its a dynamic picture with a tendency to drop at the start after that, yes a moderate drop seems possible but you never know.

CNN: Stocks set to fall back

"If this economy is truly picking up, we're going to have see some inflation picking up..."

Bank of America reported a fourth-quarter loss of $5.2 billion...

The dollar rose against most major international currencies except for the yen. The price of oil fell $1.04 per barrel to $78.28.

Reuters: Stock futures slide on unease over bank earnings

Data on tap for Wednesday includes producer prices , housing starts and building permits for December, all due at 8:30 a.m.