The Market On Wednesday

  Good morning. It is -4 degrees and it is hazy cloudy with a patina of sun here in the Upper Hudson Valley. Allegedly the temperature gets into the high 20s today with sunshine too and that will seem like a heatwave. January is just plain out flying by as we are into the middle of the month. I'm starting to notice the slight growth in daylight as my 5p.m. appointments now begin in a little bit of light. Hang on, the light and warmth are coming.

  At 8:45 a.m. ET futures are significantly lower and the price of oil per barrel is once again down. The market is poised to open drastically lower.

  Hang on to your hats ladies and gentlemen, the sky is partially falling. What can I say, it's -4 degrees and everybody is getting poorer in the stroke of a pen swipe. Rather than dwell on the inevitable may I suggest that the day is good for a long soak in the tub followed by a nap.

CNN: Stocks: 5 things to know before the open

The World Bank has slashed its forecast for the global economy over the next two years, predicting growth of 3% this year and 3.3% in 2016.

At 2 p.m. the U.S. Federal Reserve will release its latest Beige Book.