The Market On Wednseday

  Good morning. It is 49 degrees and overcast here in Upstate NY. I was out taking my morning walk earlier with flashlight in hand. I was passing by students waiting, in the damp dark morning air, for school buses that take them off to various age level schools and I was also reflecting on my experience at that age. I'm glad that period is over, but the innocence at a young age is certainly poignant and gone for good, right. Regarding the election, I have abandoned Real Clear Politics after reading that the outfit is another right wing partisan group. I do pay attention to Nate Silver's NYT blog and that's about it. I recommend the same for you.

  At 7:30 a.m. futures are modestly higher, the dollar is down against most major world currencies, and the price of oil is up. The market is poised to open slightly higher.

  Investors were pleased to see improving manufacturing data out of China and not pleased to see more evidence of further decay in the economy of the eurozone. Asia is where it's at, the economic powerhouse center of the world is shifting more and more to Asia. Get used to it.

  In addition investors will be parsing data on the housing market, a report from the Fed, and more third quarter corporate reports. It's a busy day, and hopefully the sum total of all of the above does not equate to the intense and steep drop in the indexes experienced on Tuesday.

CNN: Stocks headed for modest gains

...a report said China's manufacturing sector hit a three-month high in October.

...signaling continued (eurozone) decline in the manufacturing and services sectors. 

...data on new home sales for September at 10 a.m.

Wednesday afternoon, the Federal Reserve will issue a policy statement around 2:15 p.m. ET...