The Market On Wednesday

Good morning. It is cloudy and cold with a threat of snow here in Upstate NY. Hey were you as bored as I was with Obama's speech. It could be one of two things or probably both. Obama speech was uninspiring and I am now so jaded with politics that I have come to expect nothing. The Republicans are an utter joke, talk about lack of inspiration. For every uninspiring moment out of Obama you get 20 out of Republicans. We are in a 20 to 1 uninspiring negative feedback loop. Was Obama's speech better than a Bush 2 speech, yes. As far as farces go, Bush is the record farce holder, with a steady degrading heaping of lies and destructive nonsense.

At 8:30 a.m. futures are modestly higher, the dollar is down, and oil is up.

Investors will be hearing from the Fed at 2:15 or so. This will probably be the most compelling influential modifier of the indexes today.

One would suspect that today will be the day that the DOW hits 12,000. Its been a while, almost three years since that last occurred. It may not stay above 12,000, but it may very well hit it.

CNN: Stocks set to open higher as Fed awaited

...investors await the Federal Reserve's latest pronouncement on the nation's economy, new home sales data and corporate results.


While stocks may continue their run-up in the next couple weeks, the market is due for a correction...


The Federal Reserve...policy statement is expected around 2:15 p.m. ET.


New home sales data will be released...


Oil for March delivery edged up 62 cents to $86.81 a barrel.