The Market On Friday

  Good morning. It is 48 degrees and raining here in Upstate NY. I got a little soggy during my early morning walk, umbrella in hand. Some trees are already completely without leaves, while others still maintain their Summer-like green. There's a very curious article on CNN about how Romney's handlers are already trying to diminish expectations for Romney's performance during the upcoming first debate. This is a common thread with the Romney campaign where his handlers go about the business of pre-emptively and post-emptively cleaning up Mitt's inexactitudes. Obama is a very skilled debater and I fully expect him to gain the upper hand easily. I may even watch the thing live fully expecting to squirm more than I would during a top rated horror film.

  At 8:20 a.m. futures are moderately lower, the dollar is mostly up against major world currencies, and the price of oil is ever so slightly higher per barrel. The market is poised to open lower.

  Not much of a change here from yesterday's and many previous days' reflection on the state of the investment world. Spain is repeatedly in focus and that country's economic crisis remains in the investment headlines. Allegedly more data will be coming through the pipes which will give more detailed understanding of how money is not flowing in Spain.

  Notice that my favorite data, consumer confidence, is on tap. I still find the term to be something of a car wreck meets the objectively cold calculations of accountants. Are you confident in your consumption Mr. Consumer.

CNN: Stocks: Spain in focus

Spanish banks will receive auditors' results of stress tests, which will give investors a clearer view of the area's economic struggles.

...Chinese investors continued to rally on the central bank's record injection of liquidity into money markets.

Investors were awaiting data on personal spending, manufacturing and consumer confidence.