The Market On Wednesday

Good morning. It is 47 degrees and sunny here in Upstate NY. Our unusually moderate and pleasing weather continues. We were out early walking the new puppy all around the neighborhood. The puppy is continuing to make strides with her training and all around connection to her owners, she is gaining confidence. Let me just say that if you ever want a wonderful dog, check out the yellow lab. They have a wonderful disposition.

At 8:10 futures are moderately higher, oil is down, and the dollar is up.

Two moves seem to be propelling futures higher.

First there is some action being taken in Europe to stabilize their financial crisis. The fact that any action is being taken at all is enough to allay investors' worries about a global financial meltdown.

Second, Chinese has announced changes in its banking requirement policy, which will in turn make more money liquid and accessible.

Investors are applauding both moves. In addition reports on labor in November and housing will come out today.

Personally, I am surprised by this week's positive financial news. It is the exact opposite of what I had imagined for this week. I was figuring the DOW drops into the 10K area. Who knew...

CNN: Stocks get lift from abroad

...reports said eurozone finance ministers have approved an increase to the region's bailout fund, and may potentially receive help from the IMF.


China also announced Wednesday that it will cut its banks' reserve requirements, to help ease liquidity and prop up the global economy.


...reports on the job market, home sales, labor costs and the Federal Reserve's "Beige Book" report.