The Market On Wednesday

  Good morning. It is 39 degrees and cloudy here in the Upper Hudson Valley. The Winter Storm Warning has this area getting between 7 to 14 inches of snow through the day and into very early Thursday morning. The snowfall has not started as of 8:50 a.m. but I expect it real soon. In a sense life is pretty good when the 'worst' thing is a little snow. The bad part is that the town has not picked up huge piles of leaves bordering on the streets which already narrow the roads. When the plows hit the snow they are also going to be pushing all the leaves around. The Town really f-ed up this year and it's time to complain.

  At 8:50 a.m. ET futures are slightly lower and the price of oil per barrel is down. The market is poised to open lower.

  The bit of news that caught my attention is that the oil producing nations are meeting on setting limits for oil production. The possibilities are less oil, the same amount, or more oil. As oil is very central to most economic structure throughout the world this is a big deal. Let's just say many people will be anxiously awaiting news although one must imagine that those in the know already have the answer.

CNN: Stocks: 4 things to know before the open

(data on)...weekly jobless claims...the University of Michigan's consumer sentiment index at 9:55 a.m. ET, and new home sales data from the U.S. Census Bureau at 10 a.m. ET.