The Market On Monday

  Good morning. It is 7 degrees and snowing cats and dogs here in the Upper Hudson Valley. Man we are getting walloped by Winter and whoever said it was going to be a mild Winter had it all wrong. I watched the last 5 minutes of the Super Bowl last night, breaking with a personal tradition of ignoring the hoopla, and I must admit it was a stunning ending. If you saw it, you know what I mean. Talk about crazy changes in direction and then the game is decided in the last 20 seconds on a totally random interception, Hollywood could not have scripted it better.

  At 8:00 a.m. ET futures are modestly higher and the price of oil is up actually close to $50 per barrel. The market is poised to open higher.

  The saying has it that when the S&P loses ground in January then we are off to an eventual crap year in equities. Maybe this year will break with that tradition given that most of that loss revolves around the rock bottom pricing of oil and one wonders exactly how much lower oil can go. At some point it will rebound so don't buy that gas guzzler just yet. Stay tuned it could get pretty wild this year.

CNN: Stocks: 5 things to know before the open

Greek stock markets are bouncing back after a week of steep losses. Bank stocks are leading the rebound, but are still nursing losses of between 30% and 40% for the year so far on fears that a clash between Greece's new government and its creditors will cut them off from vital ECB support.