The Market On Wednesday

  Good morning. It is 14 degrees, cloudy, but still a little sunny here in the Upper Hudson Valley. It looks like a week of 20s during the day. We can handle it in our sleep. I did not watch Obama last night as I know a few things about it. First it was a purely political speech in that he is attempting to somehow open the door for a democratic president in 2016 by creating space between democratic ideas and the GOP. Second I know that none of his proposals will get through the House or Senate and there's no point in explaining that. On the other hand I am still somewhat amused by the mayor of Paris seeking to sue FOX News for their heaping of BS on that fair city. I will be keenly watching although I suspect nothing will come of it, still it's fun.

  At 9:00 a.m. ET futures are moderately lower and the price of oil per barrel is up. The market is poised to open lower.

  I think the announcement of the ECB throwing out some quantitative easing measures for the eurozone on Thursday will be met with a roar. Otherwise notice that energy company Baker Hughes is cutting jobs in the light of cheaper oil. They are not the first nor will they be the last company to do this as the oil shakeout continues into the future.

CNN: Stocks: 6 things to know before the open

The European Central Bank is widely expected to unveil plans for massive bond purchases when it meets on Thursday.

Baker Hughes shares sank in extended trading after the energy company said it was slashing 7,000 jobs and cutting spending by 20%.