The Market On Wednesday

  Good morning. It is 11 degrees and on the verge of lightly snowing here in Upstate NY. It is 15 degrees warmer than yesterday. The irony is that if you look to the forecast, they're saying that we get close to 60 degrees here on Sunday. If that really happens, I may go out in a t-shirt just for the hell of it. Actually it's a Winter wonderland out there and it's very beautiful. Enjoy the snow, it's a great thing.

  At 8:50 a.m. ET futures are modestly higher and the price of oil per barrel is up. The market is poised to open modestly higher.

  Well today is the big day. Early this afternoon the Fed will release it's latest monetary policy and investors want to know if it will be about tapering off QE3 or not. This is a big deal and who knows by the end of the day we could have a huge drop or a gain all based on this policy.

CNN: Stocks: All eyes on the Federal Reserve

The central bank will announce its latest decision on interest rates at 2 p.m. ET, followed by a press conference featuring Fed chair Ben Bernanke at 2:30.