The Market On Wednesday

Good morning. It is 61 degrees and sunny here in Upstate NY. We are into the perfect weather period, end of Summer, warm but not too warm. I now jog twice a week and this morning was jog day. I'm not sure there's much of a difference between my jog and my fast walk, the jog might even be slower. I got a few waves from passing joggers and cyclists, must be a friendly kind of day.

At 8:15 a.m. futures are moderately down, the dollar is down, and oil is down. That's a lot of down.

As you know the market rallied big time on Tuesday, propping up faith in our economy. Don't be fooled. The market is very volatile right now and the mood swings are severe. I'm still in the recession is coming field.

Notice that Asian lover Japan had its credit rating dropped by S&P to Aa3. Poor Japan, its an undeserving label and it simply doesn't look good. Its unbalanced, a large "A" next to an itty bitty "a", what the hell is that?

Investors are inching closer to hearing from Bernanke on Friday. Will he suggest QE3 or will he hold his cards and bless Wall Street with a calming hand gesture. Make no mistake the other hand will be giving ordinary Americans a less friendly hand gesture.

CNN: Stocks set to retreat

The Commerce Department's report on durable goods for July is out at 8:30 a.m. ET.


Durable goods, or items designed to last two years or longer, are typically purchased by consumers and corporations when they feel confident about the economy.


Oil for October delivery slipped 21 cents to $85.23 a barrel.