The Market On Wednesday

Good morning. It is 58 degrees and sunny here in Upstate NY. It was a perfect morning for a 45 minute walk. Sweater was needed in spite of Summer's first day being just a few days off. The squirrels are out, birds are chirping, a rather large deep brown deer has found our flower bed, and life manages to go on.

At 8:25 a.m. futures are moderately down, the dollar is up, and oil is down.

Yesterday's gains will be short lived. The market is poised to tumble at the opening bell. Investors have to contend with soon to be released figures on inflation which are never good, the fact that Greece is in serious jeopardy, and the approaching end of quantitative easing 2 which is all but guaranteeing a drop in equities.

The equities market is in for a continuing rough patch.

CNN: Stocks set to pull back at open

"Unless the Fed embarks in QE3 -- which is unlikely -- it's likely that the assets that benefited most from quantitative easing, like equities, will head lower once it ends."


The Labor Department will release its consumer price index for May at 8:30 a.m. ET.


Oil for July delivery slipped 41 cents to $98.96 a barrel.