The Market On Tuesday

  Good morning. It is 6 degrees and sunny here in Upstate NY. Hey it might even get up to around 16 degrees later today. It's cold out there. February is right around the corner and as I've mentioned I like February, the month in my mind marks the noticeable return of daylight. Right now the return of daylight is picking up pace and in a few days we will be gaining 2 1/2 minutes of more sunlight per day. It sure beats seeing it dark out around 4:15 in the afternoon.

  At 8:30 a.m. ET DOW futures are moderately higher and the price of oil per barrel is up. The market is poised to open higher.

  I'm reading the fourth quarter reports of several major corporations this morning and the numbers are beating expectations. It's not the fourth quarter reports that's spooked the market, it's the likelihood that the Fed will continue tapering down quantitative easing in an announcement on Wednesday. As we are seeing this is resulting in fear surrounding the viability of the peripheral markets or emerging markets. Investors are selling off holdings from these countries and the indexes have been rattled. The global economy is going through a conniption and this just shows how powerful the Fed is.

CNN: Stocks head for a bumpy open

Emerging markets have returned center stage over the past few days as protests and wild currency fluctuations led to a sweeping sell-off.

The markets expect the Fed to announce a further cut to its bond-buying program Wednesday, which could prompt a withdrawal of cash from vulnerable emerging markets.