The Market On Wednesday

  Good morning. It is 63 degrees and overcast here in the Upper Hudson Valley. The weather logo is predicting sun today. I hope that's the case as I want to do some outside work on this old house later this afternoon.

  At 8:45 a.m. ET futures are moderately higher and the price of oil per barrel is up. The market is poised to open higher.

  Wow, lots of stuff is going on this morning. It's just been reported that the first GDP estimate of the second quarter has the US economy growing at a 4% pace. That's rather amazing. Recall that there was a contraction during the first quarter along with worries of another recession. A recession is generally calculated as two consecutive quarters of contraction. Well not so, apparently there is a fluffiness out there powered by you oh consumer. Beyond that there is a bevy of second quarter corporate reports along with a very critical response from the Fed on the state of quantitative easing. I would say that if the day takes a downturn in the afternoon, it would be a result of the Fed's action on Q.E. along with fears of rising interest rates. Considering the Fed has taken a very expansive relaxed view one doubts that they will all of a sudden move towards austerity measures.

CNN: Stocks: 5 things to know before the open

At 2 p.m. ET, the Federal Reserve will release a statement outlining its latest monetary policies.