The Market On Wednesday

Good morning. Its balmy and drizzly rainy here in upstate NY. I increased my walking distance this morning, ever so slightly. I have found that walking is a very good morning exercise for the "aging" male, namely me. Can't really comfortably jog first thing, but walking is so gradual. It feels right.

At 8:20 a.m. futures are moderately down, the dollar is up, and the price of oil is down. This would be the market will open down trifecta, and beyond that, well odds are more neg than pos. But you never know.

I will skip the news on third quarter reports and economic reports, and jump to what I believe is the most important highlight from CNN's market article. This would be the news that the US Geological Survey is now saying that the potential oil reserve in Alaska is 90% less than previously estimated. Blow me away here. So much for drill baby drill. Sarah Palin can stick that in her wool knit moose cap. Its almost comical if it weren't so tragically poignant.

CNN: Stocks poised to fall at open

The hot topic in the market remains speculation about how much the Fed will attempt to stimulate the economy at next week's policy meeting in a process called quantative easing...


A report from the Commerce Department on durable goods was due before the market open, while new home sales data were due after the opening bell.


The drop came after the U.S. Geological Survey submitted a revised estimate for the amount of conventional, undiscovered oil in the National Petroleum Reserve in Alaska. The agency said untapped oil reserves are about 90% less than previously estimated.