The Market On Wednesday

Good morning. Rather chilly and dark as I took my morning constitutional walk. The stars were bright and the partial moon was still in the sky. Bless the American people, nitwits that they remain. The country didn't go red, it went orange. That would new House Speaker Boehner's skin color. Its amazing, I have absolutely no trouble thinking of the man as a Luddite, his entire party for that matter.

At 8:00 a.m. futures are slightly up, the dollar is down, and oil is up over a dollar a barrel. In case you haven't noticed, gas prices are soaring as the market managers are comfortable with pushing oil prices. Make no mistake, huge sums are being made, left and right.

The big news today is not the pathetic and tragic election results, it will be the Fed announcement at 2:15 on their plan for "quantitative easing." It is expected that the Fed will buy up to $500 billion in Treasuries over a five month period. I would suspect that the market will take a shift one way or another at 2:15.

CNN: GOP triumph? Stocks are waiting for the Fed

"We're not going to see much of a [market] reaction because this (the election) was priced in to happen as it did."


The central bank is expected to announce another round of asset purchases when it releases a policy statement at around 2:15 p.m. ET.


Oil for December delivery gained $1.04, or more than 1%, to $84.94 a barrel.