The Market On Wednesday

  Good morning. It is 60 degrees and sunny here in Upstate NY. Right now I would describe the temperature as perfect, perfect summer morning. We started watching 'Django Unchained' late last night, I must say in at least the first 15 minutes it's pretty funny in a zombie/slave/dark comedy type of way. I'll let you know how I feel about after I've watched the whole thing.

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

  Two bits of economic data will come through today that will no doubt have an impact on markets throughout the world. The first is the government's first guess at the USA's second quarter GDP. The second is probably even more compelling in that it is a statement on monetary policy from the Fed. Take you pick, but the Fed rules the roost.

CNN: Stocks: Patiently awaiting the Fed

The Fed will release a statement around 2 p.m. ET...

...first estimate of second-quarter GDP at 8:30 a.m.