The Market On Wednesday

  Good morning. It is 35 degrees and lightly raining here in Upstate NY. If I could I would say it's a good day to stay in bed and read. Speaking of reading, yours truly is rereading 'The Catcher In The Rye.' Initially and through the first 150 pages I was wondering what the deal is about this book. Now that I am close to the very end, I am stunned by the book. It truly is a brilliant work. I want to write about it in detail but for the time being I would say if you've never read it, read it, and if you read it in high school, reread it now.

  At 8:45 a.m. ET DOW futures are moderately higher and the price of oil per barrel is lower. The market is poised to open mostly higher but one might expect some energy stocks to be under pressure.

  There's a lot going on with the DOW at record high levels, tons of corporate reports flowing through, and general economic reports as well. That's all fine but the real deal will come around 2:15 this afternoon when investors have parsed the words of the Fed after their two day meeting ends. This is all about more liquidity at ridiculously low interest rates, a combination that has propelled this long bull run.

CNN: Stocks: Perky ahead of Fed decision

The Fed is due to release a statement at 2 p.m. ET, following a two-day policy meeting.