The Market On Wednesday

  Good morning. It is 55 degrees and sunny here in Upstate NY. The logo is showing rain but the caption is reading that there is a 0% chance of rain. What is a person to believe? We see that the Tea Party basically face planted itself on Tuesday's primaries. Could it be that absurd destructive extremism is slightly less popular? One can only hope.

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

  Today investors will be parsing first quarter results from many retailers but more importantly they will be parsing minutes of a recent Fed meeting. One cannot say it enough, the power that the Fed exerts over money policy is unrivaled. Look for the results of that meeting to exert weight on the market's direction by closing time.

CNN: Stocks: Steady before Fed and retailers

The Federal Reserve is in focus Wednesday as investors wait for the release of the minutes from its April meeting at 2 p.m.

Many retailers will be reporting results Wednesday.