The Market On Wednesday

  Good morning. It is 60 degrees and sunny here in the Upper Hudson Valley. It did rain through the night, maybe that's the end of the rain for a while. Well today is the big day. After enduring a painful several month absence, the NY Knicks resume basketball play tonight. It is a pre-season game, a test as it were, against the Boston Celtics. Not a real lot is expected from either team this year although it will be interesting to see the Knicks run the triangle offense under the direction of new team president Phil Jackson and head coach Derek Fisher. My evening is pretty well blocked out, I don't even answer the phone.

  At 8:40 a.m. ET futures are modestly higher and the price of oil per barrel is down. The market is poised to open higher.

  As you know the market has tumbled a bit over the last few weeks. Today begins the third quarter corporate report season and as these reports come in perhaps there will be more of a sense of why, instead the present instability. Notice that the Fed will also be releasing a minutes report this afternoon and as the Fed sets monetary policy in so many ways, this is also a big deal.

CNN: Stocks: 4 things to know before the open

The IMF slashed its forecast for eurozone growth Tuesday.

Alcoa and restaurant chain Ruby Tuesday will report after the close.

The Federal Reserve is expected to release the minutes from its September meeting at 2 p.m. ET.