The Market On Monday

  Good morning. It is 32 degrees and cloudy here in Upstate NY. I hope you had a good weekend including using up all leftovers. As I write this I'm watching Grover Norquist on CNN discuss his no tax pledge and the recent GOP revolt against it. I'm not fond of Grover's pledge supremacy, also I do not want to see entitlement spending put on the line as a bargaining chip in order to get the GOP to agree to raise taxes on the rich. That does not compute. Leave SSI and Medicare alone.

  At 8:00 a.m. futures are moderately lower, the dollar is mostly up against major world currencies, and the price of oil is up per barrel. The market is poised to open lower.

  Like the rest of us investors are watching to see what will occur in Washington to address the country's "fiscal cliff". It's interesting to see the GOP on the defensive. Clearly they understand that their brand is marked. One suspects that bipartisan compromise is now a more distinct possibility.

CNN: Stocks poised for lower open

No major economic or corporate reports are expected, so investors will be looking for signs of an economic recovery in retail sales.

Investors will also return their attention to the fiscal cliff.