The Market On Wednesday

  Good morning. It is 51 degrees and sunny here in Upstate NY on this first day of May. Wow it's been a long time coming but I think the nice weather is truly back. The body seems to work better in the warmth, the aches dissipate and we can stretch out. I am hoping to make this the Summer of being outside most of the time, maybe all of the time who knows.

  At 8:20 a.m. E.T. futures are flat and the price of oil per barrel is down. The market is poised to open lower.

  Two things are coming into view this week that will have a lot of resonance for investors and will tell the economic tale as it were. The Fed will be releasing notes on its monetary policy, and on Friday the government will release numbers on jobs created in the month of April. More than any other data these two will set up talking points for talking news heads through the weekend about the success or failure of the Obama administration on our economy.

CNN: Stocks: More room to run?

Payroll processor ADP will publish its monthly data on private-sector jobs at 8:15 a.m. ET, and the Federal Reserve will release data on construction spending at 10 a.m. ET.

"Today will likely be fairly quiet as it seems like most of Asia and much of Europe are on holiday..."