The Market On Wednesday

  Good morning. It is 49 degrees and right on the edge of raining here in Upstate NY. The weather forecast indicates that it might rain right through the weekend. The result of all that rain has everything starting to look very green out there. We are fortunate to not be a drought like some other parts of the country. I wonder if some people are determining where they will live based on water availability. Is it possible that some people would not move to California because of the drought and prefer to stay in New England because there's water. It's possible.

  At 8:30 a.m. ET futures are slightly lower and the price of oil per barrel is up. The market is poised to open in a mixed position.

  The indexes have been pushed into new record areas over the last few day. That trend could be in jeopardy as the day gets off to a slow start. There will be a few quarterly reports and an economic report that could sway the direction of the market in addition to the unknown and ever present ameliorating factor or factors that arise as the day moves along.

CNN: Stocks: In need of a break?

There are a number of quarterly results set for release that could sway investor sentiment.

In economic news, the U.S. government will publish its monthly producer price index at 8:30 a.m. ET.