The Market On Wednesday

Good morning. It is 59 degrees and raining here in Upstate NY. The rain continues and after Irene hit the area last week, the ground is saturated with water. The basement is getting damp again, I just mopped up a corner that is usually always dry. The forecast has more rain in store. Perhaps this is the way global warming will affect this part of the country, we get rain weeks, strong summers, and lush greenery.

At 8:00 a.m. futures are significantly higher, the dollar is down, and oil is up. At the moment the market is poised to open higher.

Checking with Reuters the optimistic morning appears to be based on a series of technical information with among others, chip maker Nvidia pointing to wild growth expectations, personnel changes at Yahoo, Germany forcibly recommitting to bailing out troubled European countries, and Obama leaking the promise of business tax cuts. Otherwise, who can explain it because the lingering economic issues continue to linger.

CNN: Stocks set to rise

The Federal Reserve will release its September "Beige Book" at 2 p.m. ET. The report offers a localized and anecdotal account of economic conditions in the United States.


Oil for October delivery gained 78 cents to $86.80 a barrel.

Reuters: Futures up in technical rebound; Yahoo eyed

European stocks rebounded from a two-year low after Germany's top court rejected a series of lawsuits aimed at blocking the country's participation in bailout packages for Greece and other euro zone countries.