The Market On Wednesday

Good morning. It is 68 degrees and mostly cloudy here in Upstate NY. I'm still contemplating Gore Vidal's death. I'm really sorry to see him go. Gore Vidal had a vast understanding of the political and social workings of the globe. I am pretty certain that someone with that much awareness would be prepared for their own death.

At 7:00 a.m. futures are modestly higher, the dollar is mostly down again major world currencies, and the price of oil is slightly higher per barrel. The market is poised to open slightly higher.

There are a slew of economic reports and corporate second quarter results coming through the pipe today. Investors will have their hands full. Still I am going to take a guess that the report released by the Fed at 2:15 will be the most compelling investment news of the day. The thing of it is at 2:15 how much damage or optimism can something instill. Regardless by 2:30 or so the indexes might get that extra push one way or the other. Recapping, the DOW has been perched slightly above the 13,000 threshold, and one wonders if the Fed report will be enough to propel the DOW higher or if we are in for another sell off contraction period.

CNN: Stocks signal higher open, Fed on tap

The Fed wraps up its two-day meeting Wednesday, and is due to announce the outcome of its latest policy meeting at 2:15 p.m. ET.


...reports will be released on U.S. private-sector payrolls, manufacturing, construction spending and auto sales.


Manufacturing activity in the United Kingdom shrank at the fastest pace in more than three years in July.