The Market On Wednesday

Good morning. It is very cold and sunny here in Upstate NY. After working with a lingering cold for the last week, I regained my stride and went walking this a.m. Happy to report that the world looks terrific, activity is bubbling, and people are as angry as ever...

At 8:30 a.m. futures are modestly up, the dollar is mostly down, and oil is continuing its scary rise. One might suggest that the market will open with some gains, the trifecta is 95% in.

Reading the investment journalists this morning brings pained humor. Turns out that Libya doesn't produce that much oil after all, and none of it goes to the USA (or so they say). Investors got a little trigger happy yesterday, folding in the face of nothing.

Today things are better except that the understanding about who exactly is running the hen house has fallen once again into question. Are we supposed to chalk up yesterday as a nod to the youthful unseasoned adroitness of the investment world. Apparently yes, but rest assured, your money is in good hands...

CNN: Stocks poised for higher open after sell-off

...Libya just doesn't produce that much oil and not that much comes to the U.S....


...National Association of Realtors releases existing home sales numbers for January at 10 a.m. ET.


The dollar dropped versus the euro and the British pound, but was flat versus the Japanese yen.


Oil for April delivery gained 55 cents to $95.97 a barrel.