The Market On Wednesday

  Good morning. It is 71 degrees and sunny here in the Upper Hudson valley. The logos are once again predicting rain and thunderstorms sometime today. We got doused late yesterday and the thunder and lightning were spectacular. The pattern of this Summer is getting more familiar - lots of rain and thunder, humidity, nice pleasant mornings, and lots of bugs.

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

  Alcoa kicked off the earnings season with a strong report delivered late Tuesday afternoon. This was regarded as a cause for optimism. However the Fed will be releasing notes on a June meeting today and that will take precedence over pretty much everything. Will the interest rates and gradual easing of Q.E. continue as is or will there be a change. This is a big deal.

CNN: Stocks: 5 things to know before the open

The Federal Reserve will post minutes from its two-day June meeting at 2 p.m. ET.

"Alcoa kicked off earnings and there was quite a positive reaction to the result..."