The Market On Thursday

  Good morning. It is 66 degrees and a bit cloudy here in Upstate NY. The forecast logo is showing rain. Well, it's August, holy crap, time is flying and we can't seem to slow it down at all. Where is the summer going. August is a sad month because next up are the "ber" months and burr it is. The usual answer around here is, I try not to think about it. I like the fall, great time of year and if you live in my area you really see it, experience it, and feel it. So there is a tiny taste of fall in the air this morning. Fall is the time for lovers right, that's when you met your special person. Meanwhile. here's August.

  At 8:00 a.m. ET futures are significantly higher and the price of oil per barrel is higher. Incidentally, oil is now over $106 per barrel and that seems to me to be a rather inflated price and that's got to change. The market is poised to open higher.

  Investors are looking at very positive data. The Fed said enough of the right thing yesterday to calm fears of an abrupt end to quantitative easing. The initial reports are that hiring in July has picked up and some are anticipating a drop in the unemployment percentage. We will know tomorrow. My take is that the DOW has been floating between 15,000 and 15,500 and right no with this morning having such high futures 16,000 becomes more of a reality. It could happen, more records are a real possibility.

CNN: Stocks: Bullish start to August

At 10 a.m., the Institute for Supply Management will release its monthly manufacturing sentiment index, while the Census Bureau will issue data on construction spending.

Asian markets all closed with gains, with investor sentiment buoyed by the latest Fed statement and China's purchasing managers' index data.