The Market On Friday

  Good morning and welcome to the weekend. It is 48 degrees and mostly clear here in Upstate NY. I'm hoping for a gorgeous Fall day. The leaves are turning into brilliant colors and the raking has commenced. Oh dear the raking, I'll be out there soon enough plus dragging the ladder out to clear out the gutters. Turns out my new dog has a bum elbow. The poor baby, the vet likened it to having a looses stone in the elbow. She may need surgery.

  At 8:30 a.m. ET futuers are slightly higher and the price of oil per barrel is down. The market is poised to open in the flat area although energy stocks may falter.

As you know the market really rallied on Thursday with news of a possible debt ceiling deal. That sentiment has cooled some this morning as the initial proposal was rejected. We are in a wait and see mode.

CNN: Stocks in wait-and-see mode

"The overnight headline that Obama had sent the Republican proposal back to the drawing board caused a short wobble in overnight markets..."

At 9:55 a.m. ET, the University of Michigan and Thomson Reuters will release the latest edition of their consumer sentiment index.