The Market On Wednesday

  Good morning. It is 34 degrees and lightly raining here in the Upper Hudson Valley. Looks like we get rain over the next few days. We woke up with a patina of snow and that is quickly disappearing. All in all it's been a relatively snow free Winter around here and curiously Syracuse which is a short drive west on the thruway is having record snow. Go figure. We see that Trump has scored a huge victory in Nevada approaching 50% of the vote no less. It looks like the GOP has settled on Trump, and a new virulent scourge proudly rises up in America. Hold onto you hats, this is not going to be pretty. When agnotology rules the day, the results will not be good.

  At 8:40 a.m. ET futures are significantly lower and the price of oil per barrel is down, now trading above $31. The market is poised to drop at the opening bell.

  The oil war continues unabated. Investors were 'hoping' the Saudi oil minister would offer reasonable words on Saudi and OPEC oil production and instead got another boatload of confusion. We are left thinking that OPEC is not only fighting to reduce US oil production but they are fighting with themselves. At some point maybe many years down the road, sanity will prevail, but not anytime soon.

CNN: Stocks: 5 things to know before the open

Investors were also discouraged by comments from Saudi Arabia's oil minister Ali al-Naimi. He said it would be a waste of time to seek a coordinated global production cut.

"Not many countries are going to deliver, even if they say they will cut production they are not going to deliver," he said at an energy conference in Texas.

...weekly updates have recently been showing that America is pumping so much oil that it's running out of places to keep it all.