The Market On Wednesday

  Good morning. It is 42 degrees and cloudy here in Upstate NY. The logos predict we're in for temperatures in the 50s and 60s in the next week. We are getting there. Yesterday I went outside to examine the area where we have a few crocuses planted. Sure enough, they are starting to pop. Winter is parting but not exactly graciously or quickly, Winter is taking it's sweet old time.

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

  After astounding gains on Tuesday, the market is now technically ready to parse corporate first quarter reports and minutes from a Fed meeting. Last night stalwart end of quarter first reporter Alcoa showed better than expected results. Now we get to see if this is a fluke, the average, or the tip of the iceberg. We have been pre-warned that expectations are low to dismal but expectations are frequently wrong.

CNN: Stocks: Earnings and Fed in focus

The Federal Reserve will release minutes from its March meeting at 2 p.m. ET Wednesday.

Shares of aluminum producer Alcoa rose in premarket trading after it reported quarterly earnings that topped analysts' expectations.