The Market On Wednesday

  Good morning. It is 36 degrees and sunny here in Upstate NY. The trees are getting more and more colorful, the leaves are already being raked, and the temperatures are falling. Fall is really here and tonight the very first televised Knicks preseason game will be on the tube. I will be glued to the set.

  At 8:30 a.m. ET future are moderately higher and the price of oil per barrel is down. The market is poised to open in the slightly higher area.

  Investors are pleased to hear of the official nomination of Janet Yellen as the new Fed chair. The Fed is the dealer of last resort and without the centralized dealings of the Fed the US economy would be in shambles. That is reality. People think the Fed should simply disappear and that notion is absurd. Here's my advice on that, study the banking system.

CNN: Stocks steadier on Yellen nomination

Janet Yellen's nomination as next chair of the Federal Reserve....

The Dow Jones industrial has dropped 353 points since the partial shutdown of the federal government began on Oct. 1.