The Market On Tuesday

  Good morning. It is 28 degrees and lightly snowing here in Upstate NY. Actually the snow just started because I was out shoveling the driveway a few minutes ago and it was not snowing. I woke up expecting to see tons of snow and right now it looks like we got about 2 inches of white. More is expected today. The roads are perfectly clear, the warmth in the asphalt is melting it all. The equinox is on Wednesday but we are already seeing more than 12 hours of daylight.

  At 7:50 a.m. E.T. futures are flat and the price of oil per barrel is higher. The market is poised to open flat to slightly higher.

  Investors are still freaked about the financial crisis playing out in Cyprus. Be glad you are not living in Cyprus and if you are, you have our sympathy, really. The concern is that this is just the tip of the iceberg and that other countries face a similar fate. Otherwise, investors will see data on housing today. The local national economic news could outweigh the heavy eurozone news. One just never knows.

CNN: Cyprus continues to drag on markets

Investors are concerned that financial turmoil...will spread to Russia, Europe and even Wall Street.

At 8:30 a.m. ET, the U.S. Census Bureau will issue its report on February housing starts.