The Market On Wednesday

Good morning. It is 71 degrees and sunny here in Upstate NY. It will go into the upper 90's today and that is the main story. I hope everyone remembers to drink plenty of water, stay cool, and limit their hard working outdoor activity.

At 7:30 a.m. futures are slightly down, the dollar is flat against major world currencies, and the price of oil is down ever so slightly. The market is poised to open flat to slightly lower.

The main headline is very simple and straight forward - today the Fed will announce another round of quantitative easing or not. If it does the market probably rises, if they don't the market probably tanks.

Wait to hear from Bernanke later on this morning. As election day closes in, each announcement of this nature has a dramatic effect on the outcome.

CNN: Stocks: Eyes on the Fed

The Fed's Open Market Committee is due to release a statement at 12:30 p.m. ET, and Fed chair Ben Bernanke will hold a news conference at 2:15 p.m. ET.