The Market On Friday

  Good morning. It is 25 degrees and cloudy here in Upstate NY. The logos all point to more snow over the next few days. It actually feels more like January than December in these parts. We are all speculating on what type of Winter we'll have. Considering all Winters of recent years have confounded us, it's a real shoot as to the answer. Here's my prediction - we go through a lot of cold in December and the beginning of January, then it gets moderate out, it stays a little cold but with lots of peaks above freezing.

  At 8:40 a.m. ET futures are modestly higher and the price of oil per barrel is down. The market is poised to open in the mixed position

  A new budget has been approved by the House and then it's on to the Senate. This is worrisome for investors as they contemplate the end of extra ultra cheap liquidity. QE3 has done wonders to make corporate balance sheets look great. If you have swapped a loan at a high interest rate for a loan at a very low interest rate, your balance sheet into the future looks amazingly better. You are now paying out a lot less money in interest each month and you are showing a lot more profitability.

CNN: Stocks: Poised to snap three-day losing streak

A tapering decision might come as early as next week when the central bank holds its final policy meeting for the year.