The Market On Wednesday

Good morning. It is 40 degrees and raining here in Upstate NY. I just spent the last hour over at the local Y. A good part of that time I was resting in the dry sauna. For anyone who has any trouble with the cold winter North East temperatures, try the dry sauna. It is fantastic. I've mentioned it before but its worth repeating.

At 9:30 a.m. futures are flat, the dollar is mixed, and oil is down.

Right now it looks like the Eurozone optimism from Tuesday's massive gains has eroded.

In short this is the screwy story that apparently will get repeated for a long time to come - a day of optimism followed by several of pessimism. The DOW seems to be holding steady between 12K and 11K and continues to simply trade in that range.

I watched a conservative economist yesterday predict massive economic upheaval in 2012. All I can say is take it with a grain of salt. The market has a way a evading impending calamity, its a remarkable thing. I did like a few of his recommendations though - cut the credit card debt, and make sure you have a fixed interest mortgage.

CNN: Stocks: Reality check for markets

The ECB allotted €489.19 billion ($643.1 8 billion) in the first batch of its 3-year loan program, which was more than investors expected. The loans will go to 523 banks in the eurozone to support bank lending and liquidity...


Oil for January delivery fell 10 cents to $97.14 a barrel.